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obrienr -

You said: "I would appreciare some sound advise in cashing in annuities. I have had it for one year and need to move it to something else a little more profitable. Any tips or advise would be greatly appreciated. I am 63 years of age. Is there anyway of keeping my losses to a minimum. Please Help. Thanks for your info."

You didn't specify, but I'm assuming you have a "Non-Qualified, Tax Deferred Annuity". Because you are over the age of 59½, you need not be concerned with the 10% tax penalty - just ordinary income taxes on the gain earned. The chief culprit for you will be any surrender charges the annuity contract imposes. Read your contract/contact the issuing company to learn what will be the cost. I'm speculating the penalty will be about 5% on the amount you withdraw in excess of 10% of the contract balance, right? I don't believe there's any way to avoid this...

Regards, PP

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