IS there an investment vehicle where you can put money( and earn decent interest) and be required to leave it in for a specific time period( 10+ years) but if you withdraw early you pay steep penalties? I’m talking dumping in about $100k.
Thanks,
Define “decent interest” by putting a specific number to what you require.
This would be an Annuity.
Thank you. Can you get an anuuity that returns 5-6% and what are the penalities when taken out early?
You don’t state your situation or motivations, but wouldn’t an IRA or 401(k) be preferable to an annuity? Unless you’re setting it up for an undisciplined individual who can’t be trusted to leave the money alone, the penalties on early withdrawals from these retirement accounts are generally severe enough to deter most of us from tampering with them.
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I want one that would have most severe penalties to deter someone from early withdrawal.
Get some information from insurance companies selling them. Like, Best Guaranteed Fixed Annuity Rates for April 12, 2024
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Thanks…can you add money to a fixed annuity ?