If you’re considering selling your annuity payments, you probably have a lot of financial concerns on your mind and you’re probably just as concerned about whether or not you’re making the right decision to sell annuity payments.
Instead of feeling too nervous to proceed and just choosing to walk away without doing anything, make sure to talk to a service that can tell you all about selling structured settlement payments and annuity payments before you make up your mind.
In fact, here’s a brief look at what you should consider:
First it’s important to understand that you aren’t alone if you ended up with an annuity or structured settlement and you’re receiving small payments — possibly because you requested this — but you don’t feel as though these small payments are cutting it. Many people end up with annuities and structured settlements but regret it later on because they realize how trapped they are — there’s almost nothing more frustrating than having your money in an account but not being able to access it.
And speaking of access your money, let’s just get it out of the way that many of these payment plans are designed to make it difficult for anyone to withdraw their money early. Annuities are typically paid out over a period of 25 years or throughout the person’s lifetime, and anyone who tried to withdraw their money in one lump sum will end up paying high early withdrawal fees.
It’s also important to consider that your annuity payments aren’t really investments because as they’re sitting in that fund, they aren’t gaining any interest. If anything, the value of your annuity goes down over time.
Last but not least, think about why you’re interested in selling your annuity — it’s probably for a really good reason! Maybe you want to sell an annuity to pay off your credit card debt — 40% of Americans households spend more than they make each year, and the average household has about 13 payment cards. Maybe you want to go back to school — but even the average public college can cost over $9,000 annually for tuition alone.
It really doesn’t matter why you want to sell your structured settlement or annuity, and it doesn’t even matter why you have one in the first place. All that matters is that you’re able to do so safely and while retaining as much of your own money as possible!