For population 25 years and over in Kite: 1  High school or higher: 63.8%. 2  Bachelor's degree or higher: 3.0%. 3  Graduate or professional degree: 2.0%. 4  Mean travel time to work (commute): 30.5 minutes.
If the annuity is in a Roth IRA, all of the withdrawals will be tax-free as long as youâve had the Roth for five years and are older than 59Â½. Taxes are just one issue to consider when deciding whether or not to convert your annuity into a income stream, however.
1 With a traditional IRA, you pay taxes when you withdraw the money, at which point they are taxed as if they are income. 2  For example assume you turn 60, have $1 million in a Traditional IRA, and choose to withdraw $50,000 per year.3  That $50,000 would be taxed at whatever your income tax rate is at the time. Roth IRA's also allow you to withdraw your contributions any time, tax-free. 2  The key word here is contributions. 3  Any profits from your contributions are subject to the 10% penalty tax unless withdrawn after 59.5.