There was one time when I was working as a young salesman. At the time I wanted to impress my boss and co workers, but as time went on I realized I wasn’t cut out for it. Before I left, I decided I would take my boss to court for several charges. I won and experienced the most wild rollercoaster of ups and downs in my life, all of which has been compiled into this little list of research I did when I ultimately decided to sell my structured settlement for cash.
Tax Breaks
I’ll admit, money was what drew me to the prospect of structured settlements. I found out that a structured settlement can save upwards of 35% in state and federal taxes depending on your tax bracket. At the time I still had college loans, so a structured settlement annuity with a tax break sounded glamorous. I had only started my problems here though.
Going Off to Court
I was finally convinced when I noted that nearly 80-92% of cases actually can settle before going to court. Those cases that do go to trial end in victory for the prosecution nearly 90% of the time. Luckily, my firm wanted to avoid media attention, so we settled fairly quickly. Just like that I was looking at an employee lawsuit that exceeded the average of $150,000. Now that I had the settlement, I wanted to sell my structured settlement for cash to avoid any fees.
Set for Life, or Whatever
Payments came slow. I had an immediate annuity which took over a month before I received a payment. I was due for an annuity every year. I wanted to receive cash for structured settlement payments as soon as possible, so I looked to sell my annuity payments lump sum. Although I ended up with less than had I waited, I had the cash guaranteed in my pocket where I could finally use it. So if you’re lucky enough to get a structured settlement, take my advice and sell it or plan the next 25 years carefully.
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