If Robert wishes to cash out his annuity at age 70 after having it for over 40 years, what should he know about prior to doing it?

An annuity is equal streams of cashflows that can compliment payments from social security and pension plans for retirees. Robert should know that taking out all the annuity savings as a lump-sum will make the deferred earnings taxable. A deferred annuity gives an investor options of to either take out all the long term savings in one lump-sum, make withdrawals whenever they need or transfer the amount to a different account.