Selling Annuity Payments: Get Out of Debt, Buy a Home, and Follow Your Dreams
Annuity payments can be a great choice, depending on your financial situation, maturity level, and a few other reasons.
If you’re a high-paid executive at a successful company, receiving an annual boost in money can be a nice present every year. You can use that extra cash to go toward your spending money, savings accounts, or for any other financial decision you might have.
If you’re not at the high-paid executive level yet, as many of us are certainly not, there might be a better option out there for you than receiving your annual annuity payments.
You can sell fixed annuity payments and receive one big lump sum of cash, rather than receiving a small amount of money once a year over an extended period of time. Getting a lump sum of cash for annuity now might be just what you need to address all your financial issues, plan ahead for the future, and allow you to finally be worry-free financially.
Here are a few things you can do once you sell fixed annuity payments and receive a large lump sum of cash.
Put Money Toward a Home
There is no way around it: buying a home is expensive. Household income has increased by 26% over the past 12 years, but the cost of living has exceeded that at a 29% growth rate. Buying a home, therefore, can be simply out of reach for many households. After receiving a lump sum of cash, however, you’ll have plenty of extra cash to spare for your home. Rather than waiting for that once a year annuity payment to put away toward your eventual down payment, use a big chunk of your lump sum to take care of it all at once. Already a homeowner? Great — that means your annuity lump sum payment can be put toward major repairs or renovations.
No More Debt
Did you graduate from college? Congratulations! Now you’re probably worried sick about how you’re going to decide between paying off all your student debt and ever having a meal again. If you sell fixed annuity payments and elect to receive a large lump sum of cash, you’ll be able to pay off most, if not all, of your outstanding debt. Getting rid of your debt is one of the best decisions you can make in your adult life. It might hurt kissing all that money goodbye at once, but it will be extremely worth it in the long run.
Follow Your Dreams
If you are fortunate to live in a wonderful home or apartment already and have minimal debt, you have the advantage of using your lump sum of cash for something a little more fulfilling. You can finally pursue any goals you’ve had. Take a year off and travel the world. Finish writing that book you’ve been working on for years and publish it yourself. Start the small business you’ve always dreamed of.
Whatever you want to achieve, after selling your annuity and receiving a lump sum of cash, you should go for it. iSettlements can help you get there.