Should I Take a Structured Settlement for My Lottery Winnings? Finance Pros Want to Talk to You

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Credit cards are everywhere: the average American adult has at least three credit cards, and owes more than $15,000 in total. There are actually more than 1.5 billion cards in circulation around the world; if they were laid end-to-end, they would circle the entire globe more than three times. Sometimes it can seem like working and paying bills is a never ending cycle: as wages increase, so does the overall cost of living.
When people discuss the lottery, they always mention how unlikely it is that anyone will actually win. Some of the largest jackpots in lottery history have been paid out in the last several years, and more than $750 million goes unclaimed every single year. Wondering what to do when you win the lottery? Lottery websites want you to know that if you fail to sign the back of your ticket, anyone can claim your prize. If you win the lottery, sign the ticket immediately and try to keep it somewhere secure until you can turn it in.
Lottery payouts are made either as a lump sum or as a structured settlement, also referred to as an annuity. Lump sum payouts are, of course, subject to taxes, but annuities also have fees that can be considerable. Looking at winnings of $10 million, the yearly fees of 3% come to $300,000 every year. Lump sum payouts may be taxed at the highest income bracket, but winners need to take the time to see how much structured settlements could be costing them after a few years.
There are some specialty finance companies that work with people who want to sell structured settlement payments. Looking for lump sum annuity rates? If you want to sell your lotto win for a lump sum, it makes sense to investigate how much your annuity is costing you. Selling lottery payments for a lump sum could help lottery winners have enough money on hand to pay for college, buy a new car, or even to take a vacation. Why rely on credit cards with massive interest rates when it is possible to sell your structured settlements?

Doing a search for “lump sum annuity rates”? They are actually two slightly different terms. An annuity refers to an annual payment from a lottery win that is designed to increase with the passage of time, while a lump sum refers to a one-time payment made from a lottery win. If you want to sell your structured settlements, you want to talk to a finance company to determine how much they are worth.

The internet can be confusing, and if you are searching for “lump sum annuity rates,” just search for “lump sum” and then for “annuity rates” and you should be able to sort things out. Talking to finance professionals can also be the first step toward selling your annuity. More than 90% of people who sell structured settlement annuity benefits report that they are satisfied with their lump sum payment, and being able to avoid thousands of dollars in credit card fees can be a motivating factor for people who have structured settlements. Paying off credit cards and eliminating debt could be a bit easier if lottery winners have access to all of their money at once.

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