Anyone who has sold their annuity payments had a reason. These reasons vary from person to person depending on life circumstances, personal needs, and goals. However, at the root of every reason is the desire to make a change and break away from a strict payment schedule that no longer fits their financial needs or wants.
Let’s explore some of the most common reasons annuitants decide to sell their payments:
To purchase a home – Selling an annuity to purchase a new home, pay off an existing mortgage, or to fund home repairs is something we see often. Your payments may not allow you to afford your dream home; however, exchanging these payments for a lump sum may be able to make these dreams become a reality.
To pay off debt – If you’re drowning in debt, it can seem impossible to grow financially. For many annuitants, exchanging their annuity for a lump sum can help them eliminate this financial burden. Getting rid of this debt for good makes it possible for them to focus on their financial growth and future with a clean slate.
To start a business – Some annuitants decide to exchange their annuity for a lump sum that can be invested into a new or existing business. Annuitants who decide to use their funds to start a new business enjoy the flexibility of being their own boss, the satisfaction of pursuing their goals, and the financial prosperity a successful business can provide.
To pay for education – It’s said that the greatest investment you can make is in yourself. For many annuitants, this is true. Going back to school and pursuing a degree is a common theme among annuitants who want to exchange their payments for a lump sum. The lump-sum can often allow them to complete their studies without financial burden and stress.
To purchase a new car – Purchasing a new car can ensure a safer and more reliable means of transportation. Some annuitants seek to exchange their payments for a lump sum that can make a new car purchase possible.
To fund your retirement – In today’s economy, it’s not uncommon for people to delay their retirement due to financial reasons. For some annuitants, however, exchanging their annuity for a lump sum can make it possible for them to retire when and how they want to. Their lump sum can allow for more flexibility for retirement than what their payment plan had previously afforded them.
To pay for unexpected expenses – Life happens. Unexpected expenses, medical bills, or any situation where annuitants are in need of cash can be a reason for why someone would sell their annuity.
As we’ve established, the reason why annuitants decide to sell their payments can vary! Annuitants in need of cash to achieve their goals or to cover unexpected costs should always be aware of their ability to exchange their payments. Rising Capital has helped thousands of annuitants exchange their payments and we can help you, too. Give us a call today to discuss your options.
