Throughout the years, millions and millions of annuities have been sold to families around the world, and with that, billions of dollars are awarded to the insurance companies that sell them. It’s obvious that annuities are profitable for various insurance companies, but will they really provide you with the long-term financial assistance you need? Annuities are not conducive to every lifestyle, so, if you have an annuity you believe might not cover your financial needs, you may want to consider selling it to a structured settlement/annuity purchasing company who will provide you with a sizable lump sum payment in return.
When Selling Your Annuity Makes Sense
If you like to carefully manage your assets–or having full access to them–having an annuity plan can make that pretty difficult. Usually, insurance companies take over that role when you purchase an annuity plan from them, providing you with a monthly income. However, this monthly income may not be substantial enough to supplement you through your retirement and it’s one that you cannot increase. So, if you prefer to manage your money yourself, it would be very ideal to sell your annuity payments for cash. Once you’ve sold your annuity, you will be given immediate access to your well-deserved cash, allowing you to manage or invest it in any way you would like.
A Change in Retirement Plans
Even though we spend our entire working lives planning for retirement, you simply never know what’s going to happen during that time. Though we hope for the best, unexpected events can occur–medical emergencies that end in costly medical bills; a poor investment; assisted living costs; home refinancing; anything could happen. If a change in your retirement plan occurs and you are waiting on your annuity payments to help finance it, it may be time to sell your annuity.
The Loss of A Spouse
Although it’s something no one likes to think about, the passing of a spouse in an unexpected event that can come with great financial stress. If you believe that you or your spouse will have trouble managing assets or not be left with substantial funds to supplement them through their retirement, then you may want to consider other options. A beneficial option would be to sell the annuity plan you previously purchased. In selling your annuity plan, you will receive a large, lump sum in return, allowing you to invest it where you need it. It will also provide you with the means to support you or your spouse in the event of a passing. It’s a terrible thing to think about, but it’s necessary in order to ensure that your loved ones are being taken care of.
If you own an annuity and any of these reasons apply to you, then it might be time to sell your annuity and supply yourself with a healthy and financially fruitful retirement. At Rising Capital, we make it simple to sell your annuity or sell your structured settlements for cash. Contact us today for more information at 866-444-5061.