Know Your Options: How To Get Cash for Lottery Payments and Structured Settlements
If you’re under the age of 34, then we know you’re sick to death of reading yet another trend-spotting piece of content about the so-called Millennial Generation. These include impossibly broad, absolutist pieces of content like, “Why Aren’t Millennials Buying Houses?” “Why Are Millennials Moving Back Home?” “What’s the Deal With Snake People Anyway?”
These annoying articles often leave out the most important detail of all — that this generation of young people is struggling under $1 trillion of student loan debt. So why aren’t young people buying houses? They don’t want to spend 30 years paying off yet another massive debt.
Even Winning the Lottery Won’t Solve Your Problems…
It’s easy to imagine that winning a lottery lump sum payment or structured settlement from a lawsuit will solve all your financial woes. In reality, our clients are often shocked to discover they don’t even have control over when they get their money. While some lottery winners may be able to opt for lump sum payout options, others have no choice but to wait for their once-a-year annuity payments.
While you’re waiting, the interest payments on those loans and medical bills aren’t getting any smaller. That leaves many people wondering, “Is there a simple way to get settlement money now?” or “Can I sell my annuity and access my money now?”
The answer is a resounding yes…
The Difference Between Lump Sum and Annuity — How To Get Cash for Settlements and Annuities
Some fast facts:
As of 2013, there were 34.8 million deferred annuity contracts totaling more than $2.58 trillion
The average structured settlement payout is worth $324,000
The federal government withholds 25% of lottery winnings, and an additional 6-9% goes towards state taxes
What if you reject the lottery lump sum payments? Both the Mega Millions and Powerball have 30 annual payments, each bigger than the last. That’s great news for your future self, but bad news for your student loan bills.
Why Do People Get Cash for Settlements and Lump Sum Payments?
Because not everyone can afford to wait for their money. And it is their money, why should they wait 30 years? Plus, 92% of claimants who sold their structured settlement said they were pleased with their decision.
Instead of waiting for that annual check, many people instead opt for a pre settlement lawsuit loan. Lottery winners decide they can’t afford to wait 30 years to pay off that mortgage, and opt for selling lottery payments.
Like any financial decision, weigh the pros and cons carefully before arriving at a decision. But if you’re tired of waiting to get your head above the financial waters, then it’s important to remember that you have options.