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Annuities - FAQ's 7
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Is an annuity identical to an IRA?

Although the annuity can be used as a funding vehicle for an IRA, most sales are for non-qualified annuities with premiums from after-tax dollars. Therefore, dollars deposited into the non-qualified annuity are not deductible. And because of this, there is no government imposed ceiling on how much premium can go into an annuity, nor do distributions have to begin at age 70 1/2. Some people have said that the annuity picks up where the IRA leaves off.

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