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.
IRA distributions may or may not be taxable depending on the type of IRA you have. Traditional IRA withdrawals are taxable at ordinary income rates provided you wait until age 59 1/2; earlier withdrawals are taxed and also assessed a 10% penalty. Roth IRA withdrawals, on the other hand, are not subject to taxes. Unless you have a Roth, you'll need to plan for IRA withdrawal taxes in retirement to avoid getting caught off guard. Don't get caught blindsided by an IRA withdrawal tax. IMAGE SOURCE: GETTY IMAGES. IRA tax benefits. The tax benefits you'll get from your IRA will depend on the type you choose to open.