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Dear jrr7- I am 69 and will pay no penalty on withdrawal. I know I will have to pay fed taxes on the withdrawal. I really have no money worries and bought the annuity when I received a lump sum payment from the Fed Govt when I retired in 1990. When I bought the annuity I was concerned about money in retirement but thankfully this has been no problem. During the up market in the 90's this investment did very poorly. The Vanguard and Thornburg funds are only investments and not part of a retirement plan. Thanks.
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