Seven years ago I moved from Canada to the United States
. Instead of buying a home right away I decided to wait a while and I put my nest-egg in a non-qualified, seven year fixed annuity. I am not retired, by the way, and have ten years to go before retiring.
The annuity will mature in a few months. I had thought that I could move the interest
made on my annuity into another annuity - essentially rolling over or transfering the tax
-free interest I've made into another vehicle - and do something else with my principle, perhaps use it as a down-payment on a home.
I've been told that I can't do this: I can't move the interest into another retirement
savings, but have to take it as a distribution
I'm confused as to what I can and can't do.
Ultimately I want to invest the interest and do something with my principle.
Is there a way to do this?
AM in MN