When it comes to cashing in on investments, seniors coast to coast have invested wisely to be able to do just that. Selling Annuity payments in exchange for a large lump sum of cash a growing trend.
Traditionally, an annuity is paid into over time to provide a supplemental or primary source of income for retirement. What happens when 10, 20 , or even 30 years go by, and you are an active senior who doesn’t need the small periodic payments anymore and you are ready to take that dream vacation, or buy that summer home? You sell your annuity payments. At least that is what thousands of America’s active seniors are doing more and more every day.
Being retired no longer reflects a sedentary lifestyle, quite the contrary, modern retirement means mingling with friends and colleagues in hot spots around the globe, shopping, traveling, buying summer homes, playing golf, living the life.
Why not? They’ve worked hard to be able to enjoy the fruits of their labor. Being able to sell small periodic annuity payments for a large lump sum of cash now provides funding to make dreams reality.
When it comes to cashing in on investments, seniors coast to coast have invested wisely to be able to do just that. Selling Annuity payments in exchange for a large lump sum of cash a growing trend.Builders and land developers are further catering to the active “ADULT” crowd.
Fading, are the age old images, and inferences that retirement means sitting on your front porch. Communities are being built with world class golfing, fitness gyms, and social gathering venues to lure and entice this new generation of active senior living.
Companies who specialize in purchasing structured settlement and annuity payments, such as Woodbridge Investments or J.G. Wentworth, are seeing a significant increase of individuals in the 50-75 year old range selling their future payments for a lump sum now to use for immediate dreams or goals such as:
- Dream Vacation
- World Travel
- Home renovation or Upgrade
- Vacation Home
- Capital Investment
- College Graduation Gifts
- Auto or Boat Purchase
Seniors are on the move in the air, on land, and at sea! Modern medicine and excellent health care in the US has forged a new generation of on -the -go active adult lifestyles.
Competition between companies who purchase annuity payments and structured settlement payments have made getting the most money possible for your future payments even easier. However, the best way to make sure is to shop around. Get several quotes. Ask questions.
What Questions should you ask when getting an appraisal or quote for your annuity payments?
- Can you provide me with options? Example: What if I sell the first 5 years of payments versus the last 5 years?
- Will they beat another offer?
- Approximately how long will it take to get an offer in writing and to get my lump sum?
- Can you sell payments if they are outside the guarantee period?
- What if I already sold some of my payments before?
- Are there any fees or charges? And if there are how are they paid and to whom?
What kind of information do you need to provide to a company that will buy your annuity payments?
- How much are your payments? $500, $1000, $15000
- How often do you receive your payments? Monthly, Quarterly, Twice a Year, Annually
- How many payments do you have? How many are left? 5 Years, 10 Years, 20 Years, 30 Years, Lifetime
You will also need to give the company a copy of your benefits letter. If you do not have one, you can send a letter requesting a copy.
Typically all the legal paperwork and forms are handled by the Settlement and Annuity purchasing company. A court will review your transaction to make sure it is in your best interest and that it will not adversely affect you or any of your dependents.
You can expect the entire process to take anywhere from 60-120 days. The time frame depends on several factors including but not limited to what state you are in, how quickly you return the requested documents to the purchasing company, and how soon the court can review you case.
Getting a quote should not cost you anything, and there should never be any pressure for you to sell. Annuity payments and structured settlement payments are there for your intended benefit and it is a personal choice that only you and your family can make.
Evaluate your current financial needs and goals to determine if selling annuity payments for a lump sum now is going to serve you best. If you already have a financial planner, talk to them about potential benefits and tax implications that may be involved.
To learn more about how to sell structured settlement, annuity or lottery payments visit www.woodbridgeinvestments.com or call toll free 1-866-865-7044
