Annuity Money withdrawal
I am turning 73 years old next year. Which means l have to start taking money out of this account.I was with Valic when l was a cps teacher it is now corebridge. Is there a way move the money without the 20% tax for withdrawal
Terry Says
No! You will start taking your Required Minimum Distribution the year you turn age 73. They will calculate the correct amount. And you will add it to your other income and pay ordinary income taxes on that withdrawal. In fact, you’d be smart to ask them to withhold 20% for taxes from the distribution.
