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 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 through this. Help:confused: :confused: :confused:

If you are disabled, you can generally access annuity money early without paying an Early Withdrawal Penalty to the IRS.

However, there may be substantial penalties imposed by the annuity itself.

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.

Whether there are withdrawal penalties on the annuities depends entirely on the annuity contract.

I cannot comment further without actually looking at the annuity paperwork.