Are You Ready to Sell Your Annuity?


Lottery annuity

What lessons are you teaching your children? Are you teaching them to look both ways before they cross the street? Teaching them the importance of respecting their elders? Teaching them the discipline of finishing the school work they have to do before they spend leisure time on their electronics? In the midst of all of these valuable life lessons, are you also teaching them fiscal responsibility?
If you and your spouse are living under the weight of unpaid bills and credit card debt, the other lessons you are teaching your children may not matter as much. If you are not taking the time to teach your children what financial responsibility looks like, you may be setting them up for the heavy weight of debt that you are experiencing.
If you have the opportunity to get structured settlement cash now rather than wait for the small monthly payments you agreed to, you may be dealing with credit card debt while at the same time teaching your children that this is an acceptable way to live.
Companies that buy structured settlements can provide you a path out of your financial problems and give you the opportunity to teach your children a life of no debt. With an “immediate” annuity, you can generally start receiving payments in as little as 30 days. Rather than wait for the money that cold be helping you now to be paid out in small payments over a lifetime, doesn’t it make more sense to get cash for settlements now and turn the debt cycle around? Getting your structured settlement cash now provides you the means to pay off and erase high credit card debt and interest rates and begin taking control of your life.
As a general rule, a structured settlement can save a person somewhere between 25% and 35% in state and federal taxes on interest income that would otherwise be subject to tax. The exact amount depends on your tax-bracket, but all of these interest savings are immaterial if while waiting for your annuity you are paying high interest on overdue or maxed out credit cards.
Annuitants must begin taking distributions at age 70.5 regardless of whether the current contract is inside an IRA or qualified plan or not. What good will all of this money be doing for you in old age if you have spent your youth and your adulthood living a life of financial stress from unpaid bills?
Taking structured settlement cash now and eliminating your debt gives you the best opportunity to teach your children a financially responsible lifestyle.

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