Whether it is a lottery win or compensation resulting from a successful lawsuit, payments often come in the form of a structured settlement or annuity. While some people are in favor of receiving their payments spread over a large span of time, for many the prospect of lump sum cash is much more enjoyable. If you are in a financial pinch, or need the money for other reasons like starting a business or completing your education, it is better to explore your payout options and opt for a method that gives you a lump sum payment.
If you want to get settlement money now, there is one great option — selling your structured settlement annuity for immediate cash. If you are wondering — “how do I sell my annuity payments lump sum”, there is an answer. A number of reputed companies purchase structured settlements and are happy to pay you the entire amount of your annuity up front. This can bring you substantial amounts of saving. For example, lottery payouts are subject to 25% up front federal tax, and almost 10% more for state taxes depending on your tax bracket and location. By selling your settlement you can subvert these costs, and that is probably the reason why over 90% of people who opt to sell are happy with their decision.
The Way Forward
When you find a company that specializes in purchasing structured settlements, you can go through their terms and conditions and decide if they are a match for your requirements. The average payment for structured settlements is well in excess of $300,000, and having a similar sum of money at hand can cure quite a variety of financial problems. You might need capital to start your own business, finance higher education or just use the money to get out of debt and improve your credit rating. Other potential uses include purchasing property or taking a long awaited vacation to your favorite destination. Being able to accomplish these feats is indeed a welcome prospect, and since you have wondered — “how do I sell my annuity payments lump sum”, this seems to be a rewarding solution. Opting to sell structured settlement annuity might be the best way out of the financial doldrums for you, and all you need to do is make the right decision when the time comes.