Three Cool Ways To Use Your Money After Selling Your Annuity

selling your annuity

Selling your annuity payments is actually pretty simple, and when you go through a trustworthy company to get cash for annuity payments, you’ll get a lot of help along the way. You’ll have some options when it comes to how you want your payments to be rendered, and you’ll be informed of any fees or paperwork you’ll need to handle yourself.

So what’s the only thing holding you back from selling your annuity? If you’re like most people, you probably just don’t know what you’d do with all the cash. Luckily, we’ve got some great ideas:

  • Pay off credit card debt. The average American consumer has about 13 credit and debit cards today, owing about $3,700 to lenders. As of early 2015, Americans collectively were more than $11.9 trillion in debt. It’s pretty hard to get on your feet and get your life in order when you have debt collectors calling you and breathing down your neck every day.
  • Go back to school. Maybe you’ve already gotten one college degree, or you’re halfway there, or you never went to college in the first place; regardless of your academic history, going back to school is one of the best investments you can make for your own future. A private college in the U.S. today costs around $31,000 and a public college costs about $9,000 (annually).
  • Purchase a new home or car. The average selling price for a house is $272,900 (and mortgage lenders typically ask for down payments between 5% and 20% of the sale price), and the average price for a new lightweight passenger car is $33,993. Both of these items should be seen as investments, and splurging a little bit — if you have the funds to do so — can be a very good idea.

So why exactly should you look into selling your annuity payments — or even selling lottery payments or structured settlement payments? Simply because you should be able to control your own money and improve your life as you see fit.

What exactly can you do with the cash you’ll receive after you sell annuity payments? The options are virtually endless, and these three suggestions are only the beginning.

June Is Annuity Awareness Month — Here’s What You Need To Know About Selling Annuity Payments

sell annuity payments

Did you know that June is National Annuity Awareness Month?

For the second year, the Society for Annuity Facts and Education (SAFE) has partnered with the Coalition for Annuity Awareness to create a month of interesting and informative materials intended to educate consumers about annuities and how they can be used in lieu of retirement plans.

In an article recently published on the digital publication Annuity Outlook Magazine, it’s noted that 52% of American workers have less than $10,000 saved in retirement funds, and only 18% feel “very confident” that they have enough money to live a comfortable lifestyle throughout retirement.

The intention here is to educate consumers about all the benefits of annuities, and ideally making this confusing financial concept as clear-cut as possible.

But there’s another side to annuity payments that consumers deserve to know about as well: the fact that many Americans regret purchasing their annuities and feel stuck. Sure, annuities can be great options for people who have plenty of money and just want to make a backup investment for the future, and lottery payments are often given in the form of multiple lottery annuity checks, rather than one lottery lump sum payout, primarily because of taxes and personal budgeting concerns.

But there are quite a few compelling reasons why people want to sell annuity payments, and these reasons deserve to be shared, too:

  • Once your money is invested in an annuity, you can’t withdraw any for a certain time period or until you’ve reached a certain age; early withdrawal fees can be extremely high (often around 10% of the total invested amount).
  • An annuity really isn’t an investment at all, actually. It never accumulates interest, but instead it decreasesbecause the credit union or lender withdraws an annual fee. If you’re like most Americans, you probably already have about $3,761 worth of credit debt each year, so you pay around $950 just in interest rates; there’s no reason to increase that amount.
  • Because annuities don’t gain interest or fluctuate with market trends, the value of the initial payment is usually much higher than what the person ends up receiving back. Inflation is something that annuities don’t account for, and since the average annuity payment spans 25 years (or until death), this can become a really big problem.

To be clear, annuities can be great financial plans for retirees, but they have plenty of downfalls and aren’t perfect for everyone. It doesn’t matter why you have an annuity or what you want to do with the money after you sell annuity payments. All that matters is knowing that, when you work with a reputable company,it’s always an option to sell annuity payments.

Americans in Crisis: How the Cost of Being Healthy Is Driving Consumers Into Debt

debt and bankruptcyMedical bills today aren’t just overwhelming — they can become downright debilitating when they begin to pile up. Sometimes people get lucky and are able to climb out of this financial black hole, but far too many Americans simply can’t get on solid ground, no matter how hard they try.

Perhaps the bigger issue at hand isn’t just that so many American consumers are struggling to pay for basic medical procedures and medications that they need; the real problem is that the healthcare industry doesn’t always take care of consumers, and these victims are too embarrassed or too hopeless to speak up and say anything. The result is that millions of people have trouble covering medical expenses, but everyone feels like they’re alone and have nowhere to turn.

But consider these facts:

  • Analysts estimate that one out of every three Americans have trouble paying medical bills….
  • But, only one out of every five are willing to admit that they’re struggling with medical expenses.
  • Furthermore, only one out of every 10 Americans are willing to admit that they most likely will not be able to pay any portion of their medical bills at the moment.

The fact that so many people are afraid to speak up proves just how serious this issue is, don’t you think?

Unfortunately, it gets worse.

Because many American families can’t afford private health insurance plans, they’re often forced to sign up for government-assistance programs that offer only the bare minimum; preventative solutions are ignored, because immediate solutions for immediate problems are too costly. And even when someone can afford a private insurance plan, it’s often not enough to cover medical expenses anyway. In fact, over 26% of Americans on a private health insurance program still have trouble paying off high medical bills.

Here’s the real-world impact of expensive medical treatments:

  • Two million Americans had to file for bankruptcy in 2014 because they couldn’t pay their medical bills.
  • 11 million American adults had to go into credit card debt in 2013 because of hospital procedures.
  • 35 million American adults were harassed by debt collectors because of their unpaid medical bills in 2013.
  • And an estimated 10 million Americans can’t afford basic necessities like food and utilities because they’re crippled by medical bills.

So what can we take away from these statistics? First, it’s important to realize that you are not alone if you’re struggling to pay your medical bills. Second, if you have money locked up anywhere — in a lottery annuity settlement, or maybe a structured settlement — there are companies that want to help you.