A 10 percent penalty on the taxable portion of your annuity is forfeited to the IRS if you're under 591/2 years old. What the government gives, the government taketh away -- it's the price you pay ...

MYGA and fixed annuity contracts are the most straightforward of the bunch. Still, you’ll want to find out all you can about any annuity’s surrender period, fees, riders, etc.

How do annuities work? An annuity has two crucial stages: the accumulation phase, when your money grows tax-deferred, and the payout phase, when you receive income. Here's how each phase works to ...

A modern-day annuity is a contract between you and an insurance company. To get an annuity, you'll need to pay a premium — usually a large lump sum — and then the insurer invests it.