How Long Do You Want to Wait for the Money That You Deserve?

Sell annuity payments

How certain is your future? It’s difficult to give a definitive answer to that question, isn’t it? None of us can ever know what our future holds. We could be blessed with a long life of good health, or our lives could be abruptly cut short tomorrow. We may think that we have a financial plan that will take us through the end of our days, or we may fear that we will never be able to put enough away.
Uncertainty about the future is like a double edged sword. You can save for a long retirement and not live to enjoy the benefits or you can have the things you want today and outlive your income. It is a tough decision, but one thing is certain. You can never go wrong eliminating your current debt. Saving excessive amounts of money for a future you may not live to enjoy while paying high interest rates on current debt is never a good idea. If you have the opportunity to get a lump sum versus annuity so that you can pay down your high interest credit cards, you should do so.
Statistically, a structured settlement can save you approximately 25% to 35% in state and federal taxes on interest income that would otherwise be subject to a higher tax rate. The exact amount depends on your tax-bracket and can be explained to you by a trusted financial adviser. This savings in taxes, however, loses its effect if you are at the same time paying high interest on credit card debt, medical expenses, or other loans.
Lump sum versus annuity benefits can help you immediately pay down high interest debt or set you on the path toward a new financial goal. Whether you are wanting to start a new business and work for yourself, or you are anxious to begin working toward a college degree, an annuity settlement can provide you the financial means to start working toward your dream.
Life insurance payouts and annuity plans make it possible for you to receive payments for a specified amount of time, for example 10 or 20 years. Or, these can be established as payments that will continue for as long as you or your spouse is alive. If, however, you have a big dream that you want to achieve, taking a lump sum could be your best decision.
Making the decision to take a structured settlement cash now payment can be immediately rewarding. In fact, with a lump sum versus annuity that also offers an “immediate” annuity option, you can often start receiving payments in as little as 30 days.

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