The Cost Of Living Today: How Selling Your Annuity Can Help
Many people often hesitate to sell their annuities, because they know that if they do, they’ll have to wait between 30 to 60 days for a judge to approve the sale. However, 92% of people who sell their annuities report that they’re satisfied with their decision, even after paying those fees.
The fact of the matter is that the cost of living today is pretty high. The median household income in the U.S. is, after all, only about $51,000. In order to get by, people need a little extra cash to help relieve the burden of debt.
Consider the cost of having a roof over your head. On average, it costs more than $17,000 each year to own a home, and if you want to rent, well, that’s cheaper, but still costly. The average apartment in the U.S. can run anywhere between $500 for a single bedroom apartment in a more rural area to $1,500 for a three-bedroom apartment in urban locations.
You also have to be able to put food on the table, too. According to the latest numbers from the U.S. Department of Agriculture, it costs $146 to $289 a week to feed a family of four a healthy diet.
Most people likely need a car, as well. The AAA estimated that it’d cost over $11,000 a year to own a four-wheel-drive sport-utility vehicle last May, and according to a report from Edmunds.com, the average used car price hit a record $16,800 last year. What’s more, the estimated average transaction price of a new car or truck sold in the U.S. this past April was over $33,000, according to data from Kelley Blue Book.
And don’t even think about starting a business without a serious amount of capital, considering the fact that the average startup business costs about $65,000 to get going.
So if you have an annuity and are having cash flow problems, consider selling it. After, more than nine out of 10 people can’t be wrong.