Living annuity

Can I withdraw all the funds from my living annuity?


I have money invested in a living annuity, but some problems have arrived and I need money for my daughter's university and for myself. Is there an option to get my money out of such a fund (I am now 56 years old)? Can you please give me some advice? Thank you.


A living annuity is a post-retirement product. One of the conditions of choosing a living annuity is that you must withdraw between 2.5% and 17.5% pa of the fund balance (at the anniversary date). You make this election once per year. The money is usually paid out monthly or quarterly. If you have already made your election for the current year, then you cannot revisit this. At the next anniversary date, you will again be asked to choose your draw-down rate, at which point you can request the maximum (17.5%) for that year. Be aware though that by accelerating your draw-down rate, you will deplete your retirement savings faster, and you run the risk of outliving your savings.

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