You own several annuities, but would like to receive more money from them than what you currently are. That’s understandable, given the low pay out of certain types of annuities. Fortunately, there are companies that can provide a lump sum payment, or enough cash to help you finance your plans. The following are among several reasons for selling your annuity payments.
1. To undertake a home improvement project. Your home may be aged or it may not suit your current needs. For example, you may have recently had a fall and are finding it difficult to manage the entranceway. By taking those funds you have coming to you from your annuity, you can pay for a ramp, the reconfiguration of your front door and other barrier easing updates.
2. Tackle those nagging credit card payments. Got debt? Nearly everyone does! Worse, some of that debt may be for high-interest rate credit cards, what effectively erodes your wealth. Instead of being bombarded by high monthly payments where a significant amount of your money is going toward servicing interest, use your annuity to pay off that debt advises the Dolphin Asset Group.
3. Improve your education, advance your knowledge. You’ve decided to go for that advanced degree after all. That’s a wise choice as your master’s or doctorate degree can open doors, broaden your horizons and return more money to you than had you not pursued the degree. Use the annuity to finance what will be a very pricey, but worthwhile educational endeavor.
4. Upgrade your ride. The average age of a car on America’s roads has now passed 11 years. If your current ride is at that average, than you may be ready for a change. There are any number of reasons to get a new car to include: better fuel mileage, lowered emissions, improved safety features and new technologies. Chances are your current vehicle does not have GPS navigation, Bluetooth connectivity or lane keep assist. Today’s cars are far superior to what was built even just 10- years ago — don’t you deserve a new one?
5. Pay off your medical bills. The Affordable Care Act may have made insurance available to more people, but that doesn’t mean that healthcare is affordable. If you have medical-related bills, you can get out from underneath that debt by selling your annuity payments. Isn’t it time that you begin to live your life debt free and worry free?
6. Launch a new enterprise. You’ve had dreams about starting your own business, but you know that a huge sum of money is needed to plan, launch and sustain your enterprise. Borrowing money from the bank is out — and so is nearly every other option you have explored. However, if your annuity is sizable, then you can use those funds to pay for your business. Just think of it — your emerging enterprise will be self funded!
7. Buy a second home. Your current home is in great shape and your other bills are under control. What you would really like to do is invest in vacation property, such as a cottage by the lake or a cabin at the beach. Whatever your dreams are, tapping your annuity payments can make them a reality. Escape the drudge and invest in a home that will provide you with much pleasure and satisfaction.
Discuss your financial options with your tax advisor as he may recommend ways for you to ease your tax obligation. He can also work with you on a blueprint going forward, a plan to help you manage your money.