A structured settlement annuity can be obtained in a variety of different ways. For example, you could be awarded one as the terms for a personal injury or workers compensation settlement, elect to choose your lottery annuity payment that way, or simply invest in one through a third party. Unfortunately, for many different reasons you might be in need of a lump sum versus annuity.
There were approximately 34.8 million individual deferred annuity contracts in place exceeding $2.58 trillion in 2013 alone. Overall, more than 37,000 Americans use some form of structured settlement money every year.
No matter how much yours may be worth you can sell your structured settlements for cash today. Selling a structured settlement is a great way to afford many different things you may not be able to otherwise. Here are three reason to sell your structured settlements.
- Pay Off College Debt: Student loans are something all too many Millennials are familiar with. Cash strapped recent grads are asked to come up with exorbitant sums of money relatively soon after receiving their degrees in an economy where growth is still very limited. Sell you structured settlements in order to get out from under as much of this debt as you can.
- Purchase New Vehicle: If you’ve already got your student loans taken care of (or are hopeful that they’ll be forgiven after some amount of time) then perhaps buying a new vehicle is in your near future. The more money you can put on your down payment, the lower your monthly payments will be. That’s why selling your structured settlements to put towards a new car can be another great way to spend your funds.
- Invest in More Lucrative Opportunities: Even if you don’t necessarily have any pressing big financial purchases to make it can still be beneficial to sell your structured settlements. By taking the lump sum of money upfront you can then invest the money in ways that can yield a much greater return on investment (ROI). For example, you could put the money into stock, bonds, business ventures, or any thing else/combination of them.
Structured settlements are a great way to collect a little amount of money over a long period of time, but if you need (or want) the money now sell your structured settlements for cash today.