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I submitted my papers in for my pension. I have 275k in my anunity and I would like to get access to some money to help with mortg,.etc., I live in Florida and I have filed for social security disability. If I'm awarded I do not have a 10% Penalty on my money, it would just be added on to my 1099. I would need to have a montly withdrawal to cover my expenses. or do I jus apply for a withdrawal of a loan @ 6% for 5 yrs. I don't know what is the better of the two. Is there something I need to consider. Right now the only income I have is workmen's comp for 1,600 a month. I'm running into debt if I don't do something. right now the HELOC at 5% is helping get thru this. Help
I don't understand when you said penalities by annunities...who would that be....New York Life ...is where the annunity is. I believe after one year of not contributing to the fund you are allowed to roll-over.