Do you dream of winning the lottery, paying off your debts, and moving to a luxurious location to relax for the rest of your life? Who doesn’t? That sounds amazing! The sad truth, however, is that Nearly 50% of people who win the lottery still have to work after they win. If you are wondering how this could be, the answer is annuity payments. Annuity payments (sometimes referred to as structured settlements) are how the majority of large lottery winnings are paid out. Instead of getting your winnings as a lump sum like most people assume, the money is paid out in small payments every month for years. Luckily, there is a way that lottery winners can get a lump sum of cash for annuity payments. Below are a few facts about selling an annuity settlement:
1. Structured Settlements Hold You Back – Many lottery winners are stunned when they find out that it may take years to for them to receive their full amount of prize money. They feel like the rug has been pulled out from under them because all of the sudden they won’t be getting a large payout like they thought they would. The system isn’t fair to lottery winners. If you are just getting a small check each month you can probably see how that isn’t going to help you out financially. That’s why it is a great idea to explore the option of selling your settlement and get cash for annuity payments.
2. Lump Sum vs. Annuity – There’s a reason that over 90% of people who decide to sell their structured settlement are happy with their decision. Getting your winnings in a lump sum just makes more sense! If you win the lottery and know that you really won’t benefit from the structured settlement format of receiving your funds, then you may want to contact a company that handles getting you cash for annuity payments. Thousands of people across the country do it every single day and are thrilled with their decision.
3. Using Your Winnings – Receiving your lottery winnings in a lump sum format rather than in small checks every month can allow you to really change your life. You can probably imagine that it would be hard to pay off a debt with a small check every month. Today in America, 1 in 5 people in the age of 18-24 say that they are in some sort of “debt hardship.” Imagine what winning the lottery would do for them. Paying off credit card debt, medical bills, and student loans are just a few of the options you will have when you receive the cash for annuity payments.
If you or someone you know has won the lottery and have been told that your only option to receive your winnings is through a structured settlement, you have been given bad information. You also have the option to sell your annuity settlement and get the lump sum of money that you deserve. Contact someone today for more information. You’ll be glad you did!