Factors to Consider When I Sell My Annuity

If you’re one of the millions of Americans with an annuity, you’re probably saving it for retirement, but did you know that you could sell it now for a lump sum payment? Depending on your financial situation, selling it early can help you climb out of debt or even improve your chances of success in retirement.

1. Life’s Unexpected Hurdles

Nobody plans on getting sick, going through a divorce, or replacing a totaled car, but these sudden problems can cost tens of thousands of dollars. Trying to come up with a few thousand dollars is one thing, but staring down the barrel at bankruptcy is another. If you’re on the verge of financial collapse, no option should be off the table.

2. Sell My Annuity to Make Big Purchases

Buying a house is the most expensive purchase most people make in their entire lives. Saving up for the standard 20 percent down payment is often difficult. Selling your annuity for a lump sum can help you start building equity now.

3. Month-to-Month Expenses

Credit cards, mortgages, bills, and other living expenses can take a huge toll on anyone’s financial security. If you notice that your expenses are starting to outpace your income, you can sell a small portion of your annuity to give yourself some breathing room. selling-annuity

4. Sell My Annuity to Diversify Income

An annuity will provide a stable source of income for the rest of your life, but it will never grow. Consider selling your annuity and investing the cash in other investments such as stocks, bonds, and real estate.

5. A Relatively Short Process

Keep in mind that selling your annuity usually takes at least one month. Whenever possible, start the process ahead of time, and the money will be available when you need it.

6. How Should I Sell My Annuity?

Your annuity is your money, and you should always try to get top dollar for it. Reputable companies will provide transparent quotes, and they’ll give you multiple options to help you decide whether you should sell all or just part of your annuity. If you have any questions or would like to get started selling your annuity; contact a reliable financial adviser today.

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