Insurance

Annuities

Retirement Planning

# You are 62 years old and have farmers annuity plus sep IRA and must have all funds from account now how do you begin process how long will it take to receive funds and what is surrender charge?

###### Wiki User

###### September 18, 2007 10:18AM

Contact the company that issued the annuity and discuss with

them, there is no 'set' amount or time, this is a company/policy

specific question.

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### Calculate Your Retirement With Annuity Calculators?

For anyone who is planning their retirement, one of the most
stressful parts of the process can be determining whether the
investment will provide enough income into the future. Annuities
guarantee to provide a return based on the amount invested into the
account, and the rate of return. However, these payments can be
greatly different, depending on the return rate and the number of
years the investment is available to grow. By using an online
annuity calculator, one can start to see how much a particular
annuity will provide in returns before ever investing a dime into a
particular product.
By using an annuity calculator, you can determine how much you
would need to invest to reach a monthly payment you find adequate
for your retirement. You can look at different amounts, lengths of
time the investment grows, and rates of return. Each of these
variables that is modified will instantly update what your monthly
payment from your annuity account will be. By researching each
option, you can know exactly what you are looking for in a
retirement account before you even begin shopping for a specific
program.
Arming yourself with the knowledge of what you're looking for a
month, what you can afford to pay into the account monthly, and
what you are getting as a return can pay huge dividends in the
future. Imagine knowing that you will be able to survive
comfortably in retirement from your annuity payment, pension,
Social Security and other retirement products, all before you've
reached the age of retirement.
Eliminate the worry that comes with nearing retirement. Know
that your investments will provide for you and your family until
the very end. You can invest in your future and your longevity with
confidence by using a calculator. You can try different
configurations that fit your needs and budget without risking your
money. After all, knowledge is power, and peace of mind can be
priceless.
Before you invest in your retirement annuity account, know what
you'll be getting from the investment. A little time today can
generate a lifetime of income that ensures your needs are met, and
you can retire with complete confidence.

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###### Asked in Annuities

### How do you calculate annuity payments?

An annuity is a series of equal cash flows over time that comes
at regular intervals. The cash flows must be either all payments or
all receipts, consistently occur either at the beginning or the end
of the interval and represent one discount period. Payments made at
the beginning of the period indicate an "annuity due" which can
include rents and insurance payments. Payments at the end of the
period indicate an "ordinary annuity" which include mortgage
payments, bond payments, etc.
Although loan payments, mortgages and similar financial
instruments can be regarded as an annuity, the term is mostly
applied from the perspective of being an asset. For example,
payments from a lottery or distributions from a lump-sum amount can
be considered as an annuity. Annuities can also be an investment
used to guarantee a regular income during a retirement.
Calculating annuity payments can come from two perspectives: the
future value of an annuity or the present value of an annuity.
Calculating
Ordinary Annuity Payments From Future Value
If the desired ending amount is known together with the discount
rate and number of periods, the payments can be calculated as
follows:
PMT = FV / (((1 + r)^n - 1) / r)
Where:
PMT = Payment amount made at the end of the period
FV = The future value of the annuity (how much the balance will
be after all payments have been made)
r = the discount rate
^ = raises the value to the left to an exponential number on the
right
n = the number of payments
In this calculation, the present value (PV) is assumed to be
zero.
Calculating
Ordinary Annuity Payments From Present Value
If the sum of money or balance on hand is known together with
the discount rate and the number of periods, the amount of payments
to reduce the balance to zero can be calculated as follows:
PMT = PV / ((1-[1 / (1 + r)^n] )/ r)
Where:
PMT = Payment amount made at the end of the period
PV = The present value of the annuity (how much is currently on
hand)
r = the discount rate
^ = raises the value to the left to an exponential number on the
right
n = the number of payments
In this calculation, the future value (FV) is assumed to be
zero.
Calculating
Annuity Due Payments From Future Value
Because the payment earns interest for one additional period
than the ordinary annuity, the future value should be adjusted as
follows:
FV annuity due = FV ordinary annuity X (1+r)
The new value for future value can now be inserted in the
original equation to compute the annuity due payments.
Calculating
Annuity Due Payments From Present Value
To remove the additional discount period for each payment made
on an annuity due, the present value of the annuity must be
adjusted as follows:
PV annuity due = PV ordinary annuity X (1+r)
The new value for future value can now be inserted in the
original equation to compute the annuity due payments.
Alternate Methods
Because calculating the payments for ordinary annuities and
annuities due, a financial calculator such as the HP 10bII can be
used to simplify the process. When many calculations must be
performed, the process can be expedited through the use of a
spreadsheet such as Microsoft Excel which is equipped with time
value of money functions.
See the related links below for an annuity calculator for
different types of contracts that compute the balance,
distributions, or present value using the amounts you specify.

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