Between Jobs? 5 Reasons to Sell Your Annuity and Make Bank

Fear. Shame. Helplessness. Anxiety. These are only a few of the many emotions that can come with losing your job. For many people, the time spent between jobs can be the most difficult in their lives, but you can make it a little easier for yourself if you sell your annuity.

Sell Your Annuity to Bridge the Employment Gap

Losing your job can send your finances into crisis mode, especially if your savings aren’t enough to cover essentials like a mortgage or car payment. You know you’ll be back to work eventually, but unfortunately your creditors won’t wait. When faced with this situation, most people panic and resort to living off their credit cards or loans from friends and family, which only makes the hole they’ll need to dig themselves out of that much deeper.

If you receive an annuity payment but it’s not quite enough to cover your expenses while you’re between jobs, you can sell your annuity – in whole or simply a portion – for a lump sum payment to help cover your obligations until you’re gainfully employed.

1. Keep Your Credit in Check

When you lose your job, it can be tempting to reach for credit cards to cover expense–but this is a bad move. Credit card debt can sneak up on you quickly and the sky-high interest payments that come with large balances can cripple your finances for many years.

If they’re available, why not sell your annuity payments to cover expenses while you’re between positions and keep your credit intact? If you enjoy the security of receiving monthly annuity payments, you can sell a portion of your annuity to cover immediate needs and continue to receive a steady stream of income from the monthly payments you decide to keep.

2. Protect Your Home

Whether you’re renting or paying off a mortgage, your payment obligations aren’t going to stop just because you’re out of work. Landlords and banks aren’t likely to give you a reprieve while you search for a job. Unfortunately, the repercussions of missing rent or mortgage payments can be very serious. In some cases, you may be evicted or lose your home.

You shouldn’t lose your home simply because you’re between jobs. In addition, worrying about whether you’ll be homeless only adds to the stress of unemployment and can pull your attention from your job search. Protect your home by selling your annuity and use the lump sum payment to cover rent or mortgage commitments while you focus on your job search.

3.Boost Your Job Search

sell_annuity_between_jobs_buy_carIt’s a double-edged sword, but sometimes being out of a job can decrease your chances of finding another job, especially if money is tight.

If you don’t have a car or access to public transportation, it limits your job search area and makes it less likely you’ll be able to find employment. In some cases, employment may be dependent on you having a car, which means without one you won’t even be able to compete for some jobs, lowering your chances of finding work even further. Having access to a car means you can apply to more (and better) jobs and increases the geography of your job search, making it that much more likely you’ll find a job.

Selling your annuity can give you the money you need to purchase a car which will likely increase your opportunities for employment. It might open up the “car window” of opportunity that you’ve been looking for.

Don’t cripple your job search before you even start – sell your annuity for a lump sum payment that can help you get all the resources you need to put your best self forward. With the money you receive from selling your annuity, you can make investments to amplify your job search—including applying for positions that are farther away—and ultimately increase your chances of being hired.

4. Keep Your Family on Schedule

Losing your job is tough, but it’s especially difficult when you have a family and are the main provider.

Your family doesn’t stop simply because your job has. Even if your kids aren’t old enough to understand what has happened, they’re going to realize something is wrong and that may impact their emotional well-being. You can insulate your kids from the stress of your unemployment by using the lump sum payment from selling your annuity to continue to pay for daycare and keep your kids’ schedules the same. Also, keeping your kids in daycare and out of the house will free up your day for job searching, helping you find a job and get back on your feet that much faster.

When funds are tight, sell your annuity for a lump sum payment that will help get you and your family through this tough spot with as little disruption as possible. Your lump sum payment can help cover daycare costs, which will also free up your day for job searching, and it will ensure school-age children don’t have to miss out on their education.

5. Protect Your Future Self

sell_your_annuity_between_jobsNot only is losing your job tough but often it can come out of nowhere and have nothing to do with your job performance.

Maybe the company lost a big client and needs to downsize or maybe they’re moving operations overseas. Whatever the case, it can come as a complete shock and turn your world upside down.

The uncertainty of when – or if – you’ll find work can be daunting and very stressful. It’s certainly not an experience many people want to go through more than once, but many do.

Why not protect your future self by using your unemployment to train for a better job or even open your own business? You can use the funds you receive from selling your annuity to pay your tuition to go back to school or fund that small business you’ve always wanted to start.

With the money you receive from selling your annuity, losing your job may actually be a sign that your financial luck is changing.

Between Jobs? We Can Help!

If you’re between jobs and want to learn more about how you can sell your annuity to stay on track, call RSL Funding to speak to one of our friendly Account Executives.

Stop worrying about the future and start planning for it. Call RSL Funding today!