When you Want to Sell your Annuity
When you hear someone say that they are ‘planing for retirement’, you might not be entirely sure what they mean. Are they planning to go on a ski trip? Are they buying more comfortable chairs for their living room? These would all be great things to do for retirement, but they are most likely referring to what is known as ‘annuity’. There are a number of ways to get annuity, and a number of ways to make money off of it, but before we get to that, let’s cover exactly what annuity is and how it affects you.
An annuity is essentially an insurance policy that for some reason or another, is paying you income. As we said before it is generally for retirement, but there are other reasons it might be doled out. For example, you may be the recipient of an insurance policy that someone took out, and it may have absolutely nothing to do with retirement. This is quite possible! So how much can you make, if you have an annuity based income?
The biggest factor in your monthly annuity receipt, of course, will be the amount of time you have chosen to receive the annuity. Let’s say for example that you have chosen to receive it for the rest of your life. You will obviously get a smaller amount in that case, or at least smaller than it would have been in any other situation. If on the other hand you have set it for a few months or years, you will be given a larger amount. Additionally, you can have your annuity payment function in the same way as a typical loan.
Types of Annuities
There are currently two different types of annuities on the market, and they work quite differently, especially when it comes to sale. Let’s take a look.
Fixed Annuity – This form of annuity is the type you receive for the rest of your life, and it reflects the state of the market at the time you signed up. In some cases, when you begin receiving this money, what seemed like a lot at the time, might not seem like so much now.
Variable Annuity – This type of annuity is going to be a bit riskier. You often choose an annuity that changes based on the performance of the investments in your portfolio. That being said, if one of your investments fails, you will lose that stream of income permanently. This is an outstanding way to end up bankrupt and on the street. Then again, you could have a much higher return! The question is whether or not it is a risk you are comfortable taking.
The last thing we will mention along these lines is that you can actually tailor your annuity to meet specific family needs and timing. For example, if you know that a certain expense will come along at a certain time, then you will want to adjust your annuity accordingly. This, however, is hardly described as a DIY task. In fact, you will want to assign and adviser to the case and walk through it step by step.
I want to Sell my Annuity
There are many people who say ‘I want to sell my annuity’, and they do so for various reasons. When one says ‘I want to sell my annuity payments’, they could have a large expense coming up, or they might need to take care of an emergency situation. For example, perhaps their car has broken down, or maybe they have even lost their home. Life can be very ‘unexpected’ at times, and during these times, a payday loan may not cover all of the damage. If you find that to be your situation, it is no wonder that you have said ‘I want to sell my structured settlement.
There are plenty of companies and agencies that will be more than happy to take your structured settlement off your hands for a good price. All you need to do is fill out the ‘paperwork’ on their website and wait to hear back from them. Once your application has been reviewed, you will be granted a first meeting, and once that meeting is concluded, you will want to do extensive research on the person handling your annuity settlement. Remember, once you sell your annuity, ti is a done deal, and you want to be certain it is handled properly!
Most companies will guarantee meeting the competitors offer, and they will even offer a cash reward if they fail to do so. For example most will offer around $500, though there are some who will go all the way up to $1000 if they should fail to meet the offer. For this reason, you will want to shop around and speak to a number of different companies regarding the sale of your annuity before you make any major or rash decisions. By having a number of offers on the table, you increase your chances of getting a good offer, or even some extra cash if enough companies fail in their objective.
Once you have your annuity settlement you will be able to pay off your debts, fix your car, buy a new car, or even pay off a college loan! If you want, you m ay even start a business. The possibilities are virtually endless when it comes to your annuity settlement, and there is no telling just how large it might be! Now would be the time to start looking into the different companies that will help to settle your annuity and get you on the right track. It will only be a matter of tim beforeyou finally have what you need!