Update by user May 21, 2019 Was allowed to take a partial payout ($7000) in 2018. They sent me a 1099 that I had to claim on income tax, as income. Was not informed that any $$$ would be taxed. When American Equity does start lifetime payments. Just be prepared to be accountable at tax time, your $$$ are being reported and watched. KO Update by user Nov 26, 2018 I have requested more concerns to American Equity regarding their policy that protects "our" dollars from abuse by companies that claim to have our best interests in their equity program. No contact, at all, and no return of my retirement dollars. Only, one thing to say, again and again....Don't fall for this companies claims, of "handling your retirement". Handle YOUR retirement yourself. This company swoops in, and once those papers are signed, after 30 days, they are in charge. Again, I was a fool, have someone U trust, to help U protect your dollars. KO Original review posted by user Oct 23, 2018 I signed up for this so called retirement package, and am now required to "play by their rules". Big penalties, should you decide to take back some of "your" dollars, before their 10 year schedule is met. I know that this American Equity Investment Life, relies on us leaving our dollars, in their account, to be claimed by them ....as their assets. Their claim to fame can be settled in just three letters....OPM! Once signed up, the dollars are theirs, till that contract marker is met....or you die early, then it is given to your beneficiary. Easier choice! Just saying, don't be sweet talked into signing on that easy. Talk with someone....no, have someone with you, to go over all those contract details. Fare warning! KO