28 Aug Need to Get Out of Debt? Here Are 3 Great Reasons to Get Cash for Annuity NOW
Each year, more than 37,000 Americans use money from a structured settlement, averaging in payout to about $324,000. While those payments do eventually add up for lottery winners and recipients of structured settlements, it can take a long time to get out of debt or even poverty waiting for an annual payment.
You do, however, have the option to sell your annuity and earn that cash right now. This means eliminating the wait time between payments and condensing those annuities into one lump sum. If you’re not sure you want to get cash for annuity now, these three reasons may change your mind:
- A lump sum payment can pay off your debt
Do you have medical or credit card debt? Want to pay for your child’s college education? Interested in paying off your mortgage? If you’ve been paying down debt each month, you may be paying more than you need to due to high interest rates. By paying off your debt with the help of a lump sum payment, you can avoid paying extra interest throughout the years.
- Getting cash for annuity now means not having to wait for payments
Those who win the lottery may be disappointed when they find out that they have to wait for their payments. A typical Mega Millions payout, for instance, takes place over 30 years — one immediate payment followed by 29 annual ones, with each one 5% bigger than the last. While this means eventually getting your winnings, it can be disappointing if you were hoping to earn your fortune early. Selling your annuity or lottery payments for cash can help give you the start that you need.
- Start achieving your dreams now when you sell annuity payments
Have you thought about getting a college degree or starting your own business? Are you thinking about taking a luxurious vacation? No matter what dreams you have, getting cash for annuity now can help make that dream a reality.
Have more questions about getting a lump sum for your annuity? Leave a comment with us or get in touch.