Expert: Allen - 10/10/2006

Question
Im 57 yrs. old, single w/no children. still working-earn 70k annually.  have about 75k in tda's (variable A-tied to the market and fixed-8% guaranteed by NY state.20% of my income is continually invested in this manner.  
I would like to purchase a retirement home.  I have no debts, other than 279.00 mo. for my car and 230.00 for insurance.
I would have to withdraw the down payment for the house from my anuity program.  Is this a wise move?  Do I have other options? Also, should i put 10 or 20 percent down?
Thanks you for answering my question.
Lou Diaz  

Answer
This question is outside my area of expertise. You need to contact someone who provides financial planning advice.

One thing that I can say is that there may be restrictions on withdrawals from the TDA. In any event if you can and do take money from the TDA, you will have to pay federal and state income tax on the amount you receive. In addition, a 10% excise tax may apply on withdrawals before you reach age 59 1/2.