Fees, Expenses and Other Charges RetireMax Secure has no fees or expenses charged against your Accumulation Value. Taxes The information in this document is based on our understanding of current tax law. You should consult your own tax advisor for tax advice. How will payout and withdrawals from my annuity be taxed? All amounts in your annuity accumulate with federal income tax deferral until withdrawn or received as income. When you receive income or make a withdrawal, you pay ordinary income taxes on the taxable value. If you make a withdrawal before age , you will be subject to a % federal income tax penalty unless you qualify under one of the exceptions provided by law. Some states charge a premium tax on annuities. A few states levy the tax when you pay a premium. Others charge it upon withdrawal or selection of a payment option. If we must pay this tax, we will deduct it from your policy benefits.
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Higher amounts available with home office approval.
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