Winning the lottery typically brings up a lot of pleasant images: no more work, no more car payments, no more worries. Though that is the case much of the time, the fact is winning the lotto isn’t as convenient as you would think. Almost half of all lotto winners in the United States still have to work after they win. Half. Why is this? Because lotteries typically do not pay the winners all at once. Instead, they opt to pay in installments. The Mega Millions lottery, for example, dolls out the winnings for a good 30 years: one initial lump sum payment and 29 subsequent payments, each one 5% bigger than the last. And that’s not to mention the fact that the government taxes up to a quarter of the winnings. Winning the lotto may be everyone’s dream but when it comes down to brass tax, will you get those millions all at once? Keep dreaming!
There are ways, however, to expedite the process. With a structured settlement annuity, lotto winners can see their money immediately — or at least relative to the conventional method of payment. Structured settlement annuity benefits are immense. With annuity settlements, lotto winners can receive larger payments in a shorter amount of time. Basically, a lotto winner can “sell” his or her winnings to a structured settlement annuity company, who will use that money for investing. In return, the company pays the winner much faster than the lottery organization ever would. It is a very popular option for lotto winners — especially for those who don’t to work!
Cash for structured settlement payments are quick and convenient. They provide the financial flexibility everyone dreams of but only a lucky few can get. Winning the lottery is very rare but when it happens, your life is never the same. And with structured settlement annuities, your life will be well on its way to the fast lane. For more information, feel free to leave a comment or question at the bottom.
