Sometimes it’s by choice, other times it’s out of necessity, regardless selling a structured settlement is a great way to come up with a significant amount of money in a short amount of time. Whether you got it from a workers compensation case, insurance claim, or some other kind of lawsuit more than 37,000 Americans use structured settlement annuity benefits money every year. It can be great for planning out long-term budgets, but we’re not always in the position to wait around for the money we’re owed to trickle in. There are many times throughout life that you may want to sell your structured settlements and pay for big purchases without having to take out loans. Here are three example of perfect opportunities to save yourself money in the long-run and sell your structured settlements.
1.) Marriage/Wedding: One of the most expensive events to put on is a wedding. Getting married is supposed to be a time of excitement and happiness, but it can be hard to keep a smile if you can’t afford to pay for the services. In the modern world we live in it’s become less and less common for the bride’s father to cover the cost’s of the entire wedding. If you’re ready to make a life-time commitment to the person you love, but don’t have the means to put on the wedding you want at the moment you can sell your structured settlements and use the money.
2.) Birth of a Child: After marriage comes the baby in the baby carriage as the song goes. If you made it out of your wedding day without cashing in all of your annuity settlements you might have to consider it if you’re planning on starting a family. The average structured settlement payout is $324,000, which is convenient because that’s in the same neighborhood it costs to raise a child over their lifetime. Unfortunately, not everyone will have a settlement quite that big, but even a small amount of cash up front can pay for diapers, toys, remodeling the baby room etc.
3.) Retirement: If you’ve made it to retirement age without having to sell your structured settlements you’re clearly doing something right. That doesn’t mean you shouldn’t think about cashing them out now though. Sure, you won’t get as much because presumably there won’t be as much time/money in the annuity itself, but companies will stay pay good money to get the last bit out of your settlements. Think of it as a nice retirement reward to yourself.
These are just a handful of the reasons you may want to sell your structured settlements. It might seem like a risky decision to give up your rights to future income, but keep in mind 92% of people who do sell them are satisfied with their decision.