Can You Cash Out Annuities? 
You can cash surrender Annuities however before you do so check with your tax adviser . If you surrender an annuity before age 591/2 you may be penalized . This can be substantial especially if it is a qualified plan . There may also be other tax issues involved . Annuities are designed for long term savings for retirement . While they are a sound safe way to accumulate money on a tax friendly basis , you must follow the rules . Even CD 's have penalties for early withdrawals . 