21 Jul Get Cash For Your Lottery Winnings Immediately
Win the lottery? That’s awesome! Good for you — now get back to work.
You may not think that’s a realistic scenario but the fact is roughly half of all lottery winners in the United States have to work well after they win the lottery. Why? It’s not because the lottery is fake, of course. The opposite: it’s because, as with most things in the world, it is not as simple as it appears. Most lottery winnings aren’t paid all at once in lump sums. Rather, they are paid over a long period of time — oftentimes years — in what is known as structured settlement annuities.
Annuity settlements can drag on for quite a while, delaying payments for lottery winners when the last thing they want to do is continue worrying about their financial problems. The Mega Millions lottery, for example, is paid out as one immediate payment and 29 subsequent annual payments, with each payment 5% larger than the last.
Combine that with the 25% of the winnings the government typically holds, lottery winners are often stuck in a very favorable yet complicated situation. As a result, many lottery winners have to continue working, much to their chagrin.
That is why selling lottery payments is a popular and lucrative option for many winners. It’s possible to get immediate cash for annuity payments by selling them. Financial firms will “purchase” lottery winnings to use for investment. In return for a modest portion of the lottery winnings, the claimants can see their cash immediately: either as a lump sum or as an annuity tailored to the claimant’s wishes. The option is so popular that an astounding 92% of claimants claim they are happy with their decision of selling their annuities!
By selling your lottery payments to a financial firm, you will never have to work again — truly! For more information on how to get cash for annuity payments, feel free to leave a comment or question at the bottom.