03 Mar Stop with the Annuity Payments! Get the Cash You Deserve
The majority of people receiving annuity payments have either won the lottery, or a lawsuit that included a large cash settlement. Nevertheless, according to national surveys, almost half of all lottery winners continue working after winning the lottery.
Many lottery winners receive a lump sum lottery payout right away, and then annual payments for a set number of years following the winning year. For example, the Mega Millions award is split into 29 annual payments. While each payment is progressively larger, many winners don’t want to wait 30 years to receive their full winnings.
The second significant source of annuity payments is lawsuit settlements. The huge majority of lawsuits settle out of court. These include employee lawsuits that have grown by almost 400% in the last 20 years and medical malpractice lawsuits, which paid out over $3.6 million in 2013 alone.
Annuity payments are guaranteed payments that provide individuals with guaranteed income. However, personal debt is at an all-time high and many people need that money simply to pay off their debt and stay current on all their expenses. According to a recent survey, 26% of Americans admit they do not pay their bills on time. Almost 20% of people ages 18 to 24 describe themselves as being in “debt hardship.”
The average person has three to four personal credit cards. The cost of living is increasing faster than wages, and more and more people are using credit cards to cover their living expenses. This creates a tough situation, and winning the lottery or a large legal settlement can be the difference between making it and drowning in debt.
For many, waiting for annuity payments doesn’t feel like an option. For those that are struggling while waiting for their next annuity payment, there are other options. Many people receiving annuity payments have made the decision to sell their annuity payments for an upfront payout.
While you don’t get your full value when you sell an annuity, you will get a majority of the total up front, which will allow you to pay off debt and cover needed expenses. There are many investors willing to wait for those annuity payments for a return on their investment.
It is important to work with a financial company that is well versed in the laws and regulations pertaining to the selling of annuities to ensure that it is done correctly. You can get cash for settlements, so you won’t have to wait and worry any longer about when you’ll get your next payment.