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I'm a relatively new Fool, age 51, who is trying to decide what to do about the non-qualified annuities (not IRAs) I purchased 4 and 5 years ago when I was foolish (with a small "f"). I think I can come out ahead at retirement if I invest the money myself now rather than leave it in the annuities. I understand that if I surrender them, I will have to pay taxes on the gains and also pay a surrender charge (which at this point is relatively small). But will I also have to pay a 10% penalty? It seems that I read about an additional penalty somewhere but I can't find any reference to it now. Thank you for any help!
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