Is Now the Right Time to Sell My Annuity Payments?

Now the Right time to Sell My Annuity PaymentsIf your financial obligations are becoming too much for you to handle, you may be have made this definitive statement: “I don’t know what to do…It may be time to sell my annuity payments.” Other options are less than viable; payday loans come with exorbitant interest rates, personal or family loans sink borrowers further into debt and for many, taking on an a second (or third) job just isn’t in the cards. If you’re receiving regular annuity payments, selling them for a large lump sum may not only be a viable option, but the preferred one.

Annuitants who choose to sell their payments do not have to pay any money back, and having a lump sum can provide numerous benefits, including financial independence. But knowing whether or not it is the right time to sell depends on their personal situation. Time may be of the essence when you’re up against the wall.

5 Reasons Now is the Right Time to Sell Annuity Payments

We’ve provided some common reasons why now might be the right time to sell annuity payments.

1) Debt. Many annuitants use their structured settlement annuities to pay bills, including rent and mortgage payments. If something unexpected happens—a needed home repair or renovation, the breakdown of a car, medical bills, etc.—annuitants may not be able to stay afloat financially. At RSL Funding, we are often asked, “Should I sell my annuity payments?” In these types of situations, the benefits of selling all or some of your future payments will depend on how many payments you have left, and whether or not selling your payments will put you in a financial bind later down the road.

2) You’ve been a renter for years and now, you want to own. Owning a new home is great on many levels, including the fact that homes typically increase in value over time. Homeownership may not be a realistic goal if you cannot afford closing costs or other fees associated with the sale. Selling your annuity payments is a great option that provides the lump sum of money needed to close on a home and ensure that necessary repairs are paid for. Moreover, costs are more predictable having a fixed-rate mortgage, and property taxes are tax-deductible.

3) You need a reliable vehicle. Many people, especially in rural areas, may not have access to public transportation. If an annuitant has a steady job but their vehicle unexpectedly breaks down, commuting may prove impossible. Having a reliable vehicle is important to many people, as it’s their only means to getting to and from work. For some others, it means having the ability to get to a hospital or doctor’s office on a regular basis. If you’re in need of reliable transportation, it may be time to sell your annuity payments for large lump sum. With a cash payout, you’ll have the ability to put money down on a vehicle, making it possible for you to travel when public transportation isn’t available.

4) Your financial planner advised you to sell. Stocks, IRAs, and other investment options are great ways to diversify your assets; so is selling your annuity payments. Independent Professional Advisors work to provide their clients with an array of different options for investing their money. If your financial planner has suggested that you sell your payments as part of an overall financial strategy, it may be time to follow his/her sound advice. Selling your structured settlement cash for a large lump sum will give you a boost in income, giving you the power to do more in a shorter period of time.

5) You’re ready to get serious about a business venture. You’ve probably done it before—thought seriously about starting a business, complete with a business plan, potential investors, a well-executed plan of attack for marketing. But then, the idea fizzled out and plans fell through. Selling your annuity payments could put your dreams of being a business owner back on track, and give you the start-up cash you need to buy supplies, hire employees, rent or buy office space or warehouse, and other ancillary items. Starting a new business is a wonderful way to continue to be profitable through the years, your way.

So ask yourself, “Is now the right time to sell my annuity payments?” Keep in mind that it isn’t ideal for everyone. Determine if selling your future payments for a large lump sum is right for you—when you call RSL Funding, we’ll help you sort through the details.

Give us a call at web_phone for a free quote on how much money you can get in your lump sum payment.