Hi friends,
At present, my wife and I have a joint variable annuity and i am wondering if there are any consequences in changing it to a variable annuity in only my name?
I believe taking money out of this annuity now that half of it would be subject to a 10% federal tax penalty because she is not 59 1/2. My portion, because of my age, would not incur a penalty. Is it like that?
Thanks.

Thank you for your thread babel... needadvice will reply to your queries soon.

Why don't you discuss this with the company that sold you the annuity or with a financial planner.