There are many ways in which one can enjoy annuity cash out options and still get the money that you need. You might be in want of some funds to run out a project and might not know the way out. There is way, your annuity.
Reasons for cash out
You could be in need of going for vacation, pay off credit card debt, and buy a new car, start a new business, an emergency like an unexpected medical cost and so on. Annuity cash out come in handy instead of waiting for the monthly payments. But before you do this make sure you compare the most competitive annuities on the market.
But you will stand out to lose if you cash out early. If you are under 59½ you will lose 10% on the taxable portion of your annuity. You will also have to pay income as on regular income since an annuity is treated as an ordinary income.