The “great recession” may be over but people all over America are still suffering. Nearly 75% of us live paycheck to paycheck and 62% cannot afford even the smallest unplanned expense. Almost 30% of Americans have no savings at all. If any of this sounds familiar and you need extra cash, .if you have a structured settlement you may want to sell it.
Why should I sell my structured settlement? People sell their annuities for a wide variety of reasons. They include:
- They want to pay for a higher education. Going to college is expensive. Having an annuity counts as an asset and may disqualify you from receiving any financial aid. If you want to go back to school or pay for your kids to go, this is a good way to do that. People who graduate without a student loan have a much higher income potential than those who graduate in debt. You can save your kids and yourself this fate by selling your annuity.
- They want to start or expand a business. Many small businesses go under because they cannot raise the start-up capital to make the business viable. If you have always dreamed of owning your own business this might be one the best options for you to do so.
- They need extra cash for living expenses. If you are one of the people living paycheck to paycheck, maybe you just need extra cash to help you though a rough spot financially. You can use the cash for your settlement to pay the rent or utility bill, whatever you need it for. This also keeps some people from dipping into their Social Security benefits before they have to. The longer you wait to start receiving those benefits, the better. You will receive more from the program if you delay taking money out.
- They use it to pay off some debt. If you are like most Americans, you are in debt. Getting your cash for annuity now can let you pay off at least some of your debt. Getting out of debt is a great way to spend the settlement cash. If you pay off your mortgage with it, you will save a lot on the interest payments on that loan.
- They want to renovate their home. Home renovations are expensive. They do increase the value of a home and most end up paying for themselves. Consider this option, especially if you are looking to move and were going to sell your home anyway.
For some people, selling an annuity is the best option for them. Some like the idea that they will receive some money every month. All of this is just dependent on your needs and what you wan to do with your money and how you want to live your life. There is no one solution for every person but you should do what is best for you and your family.
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