Are you sitting on an annuity payment? It may be time to consider selling your annuity. If you sell annuity payments or sell fixed annuity, there?s a lot of different things you would be able to do with that money. For example, you can use that money to purchase a new home, buy that luxury car you?ve been eyeing, pay off your student loan debt, eliminate your credit card debt, pay off any existing medical bills, travel the world, start your own business, and more!
Fortunately for you, there are many speciality finance companies out there that can help you out with your decision to sell your annuity payments. During this process, sometimes it?s advised to manage everything into a structured settlement. Why? Because structured settlements can save you up to 35% in state and federal taxes and you can get straight cash for your settlement . Of course, the actual amount would depend on your particular tax bracket.
Of course, there are other options available to you. For instance, immediate annuities can often allow you to begin receiving payments in as little as 30 days. However, it should be noted that annuity payments are taxed, and withdrawals before the age of 59.5 years can be taxed and slapped with a 10% penalty fee for early withdrawal. But while there are taxes that can be high depending on your tax bracket, overall annual fees for annuities are relatively low, averaging at around 3%.
So if you?re on the fence about whether or not to sell annuity payments, do your research and seek out the guidance of a finance company knowledgeable in annuities so that you can make the most out of your money.
