Winning the lottery can be a life-changing experience, but unfortunately, many states force winners to accept their money over a long period of time in the form a lottery annuity. Thankfully, lottery winners have the right to sell annuity payments for a huge lump sum and seize control of their financial destiny.
Selling lottery payments for a lump sum is the only way to get all of your money now and forgo tiny fixed payments. You can do whatever you want with this money, from paying off high-interest debt to buying that home on the lake that you’ve always wanted. About 92% of people who sell annuities or structured settlement are satisfied with their decision, and you will be too. Here are just three of the many reasons to consider selling your lottery annuity for a huge lump sum:
- Take control of your finances. Many lottery jackpots are structured so that winners cannot access their entire fortune for years or even decades. For example, the Mega Millions lottery annuity is paid out as one immediate payment followed by 29 annual payments. Each payment is 5% bigger than the previous one. Receiving these fixed payments will do nothing to enhance your quality of life, and you don’t need to sit quiet and accept whatever the state is willing to pay you.
- Eliminate debt. One of the primary reasons that so many lottery winners choose to sell their winnings for a lump sum is to eliminate debt before it spirals out of control. Nearly half (48%) of lotto winners still work after winning the lottery, and most continue at their job because of hefty debt that their fixed payments cannot cover. Lottery annuity recipients are in the unique position to eliminate all of their debt in one fell swoop and start life with a clean slate.
- Live the live you’ve always wanted. If your fixed payments are not enough to truly enjoy your lottery winners, then you need to consider selling them for a lump sum. With a huge lump sum, you can do just about anything you’ve ever dreamed of, such as buying a fancy new car or home. Taking back your financial freedom by selling your fixed payments will afford you the opportunity to live a life that most people only dream of.
Find structured settlement purchasers in your area to sell your lottery annuity and improve your quality of life. It’s your money, and you should decided when and how you receive it.