It’s a difficult decision: Choosing the best structured settlement buyout offer you can find or sticking with periodic payments. But, thinking through each scenario should provide some clarity as to which road you should travel. The first thing to consider is your current need. Do you have crushing debt? Have you been injured and are in need of financial help in paying off medical bills? Are you planning on going back to school?
These questions come into play because your current need may outweigh the security of a steady income stream. The type of structure settlement you’ve been awarded may come into play as well. For example, if you’ve won the lottery, you may ask yourself, “Will I live long enough to enjoy the money?” A situation that’s more immediate or dire may lead to different questions.
How to Choose the Best Structured Settlement Buyout Offer
Another area to consider is your long-term financial goals. Assuming that you don’t have any debt to pay for right away (if you do, a lump sum buyout might be a good idea), the amount of money you’ll receive from a buyout is considerably less than if you were to receive payments, due to taxes and fees. If you are still young and enjoy steady income with annual payments, holding off on selling your payments may be the best choice. If however, you’re head and knees in debt, looking into a structured settlement buyout is a good alternative.
Looking at the numbers is also a good idea. Find a good structured settlement calculator and work out how much your payments would be and how much the lump sum payment would be. You can also get a quote and compare these totals with the calculator.
Remember, choosing the best structured settlement buyout starts with asking important questions. Once you have decided that selling your structured settlement is right for you, you can use the money to accrue greater interest by investing larger amounts into high yield investment opportunities, assist family, or use the funds as payment for all or part of a major purchase. It’s all up to you: know your numbers, set your goals, and make smart decisions.
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