How many times a year can someone withdraw from an annuity?

Annuity owners can withdraw money as a lump-sum payment whenever they chose, or they can schedule annual, quarterly or monthly payments, according to CNN Money. Payout amounts depend on whether the annuity is fixed or variable and on the number of payout years the account owner chooses.

While payment options are flexible, annuity owners who withdraw more money than their contracts allow can face penalties that impact the amount of future payments, Kiplinger warns. Account owners may face hefty surrender charges if they move their money completely out of their annuities within the first seven to 10 years of ownership.