If you’ve received a structured settlement annuity due to settling a lawsuit or winning the lotto, you may want to have access to a lump sum rather than spreading it out over a number of years–or the course of your lifetime.
If and when you decide to sell your annuity, it’s important to know that there may be a surrender charge of up to 10%. Even with this potential charge, 92% of those claimants that sold their structured settlement have been satisfied with the outcome.
An Overview of How Lotto Annuities Are Dispersed
If you won the Mega Million, you will receive an immediate payment. Even though each subsequent payment will increase by 5%, the remainder will be paid out over 29 years. The Powerball annuity, which also increases over time, is paid out over 30 years.