Almost everyone likes to play the lottery from time to time. In fact, statistics indicate that playing the lottery is actually the most widely and highly practiced form of gambling across the United States. And while everyone dreams of winning the lottery, not many are actually prepared for what to do if they win.
When a person wins the lottery, they will typically receive a lottery annuity settlement. A lottery annuity takes the money you have received in your winnings and spreads it out in payments across a certain time span. Two of the most typical periods are over the course of 25 years or until the recipient’s death.
The majority of people dealing with annuities, however, do not want them, preferring to get cash for settlements up front instead of spreading it out over years and years. Research shows that by the end of 2013 alone, there were approximately 34.8 individual deferred annuity contracts — totaling over $2.58 trillion.
If you have a lottery annuity and are looking to get settlement money now, it can be done with the help of specialized companies who deal with selling lottery payments off. Read on to learn more about how to get cash for your lottery winnings.
How to Get Cash for Lottery Winnings:
- The first thing you want to do is to check online and see if you can find any local businesses near you that specialize in lottery annuities. Try searching something like “sell an annuity” or “cash for your structured settlement” and see what the search engine yields. From there, you should be able to find some company websites for you to check out.
- If at all possible, don’t settle on the first company you come across. The last thing you want to do is get scammed out of your money by some bogus company. Check their credentials online and see if you can find any reviews from previous clients.
- Once you’ve settled on a company that seems right for you, schedule an appointment to talk to staff members. Don’t feel pressured into committing to anything upon the first meeting; if you don’t feel comfortable with the company, you don’t have to work with them. Just be honest and ask questions.
- It’s a good idea to keep in mind what you would like to use the money from your lottery winnings for. Whoever is helping you get out of your annuity contract will most likely want to hear your plans so they can provide a recommended course of action, so think about any major purchases such as a new house or car ahead of time.
Have you ever had to deal with getting out of a lottery annuity contract? Tell us about it in the comments below!