Millions of people receive annuity payments, but far too many of them don’t even realize that it’s possible to sell fixed annuity payments for cash. That’s because the name fixed annuity implies that the annuity beneficiary is locked into the contract. The annuity is locked in, and the game is fixed against you.
That’s why it’s so important for annuity beneficiaries to know their rights and options, especially if they’re looking for easy ways to reduce debt, and fast.
Can You Really Sell Fixed Annuity Payments for Cash?
There are many reasons people receive annuity payments. Some people decided to invest their money in an annuity product that would provide a steady income for decades to come. Others receive payments from the annuity of a late family members. Others receive structured settlements payments from a civil court case or insurance settlement, while others still struck the lottery jackpot, only to find out they would be getting their winnings over a period of three decades.
Whatever the reason, Americans are living through a period where record numbers of us are living under mountainous piles of debt. Debt from mortgages, auto loans, credit cards, student loans that never quite paid off, and more. And when you’re suffering from so much debt that you feel like you can’t breath, waiting for monthly or annual annuity payments can be a tortuous process.
Here are some sobering facts to consider. In 2016, Americans hold a collective $11.91 trillion in debt. To put that figure in perspective, it’s 12 zeros, or $11,900,000,000,000 — and counting. This year, the typical U.S. home owes at least $11,244 in college loans, $8,163 on auto loans, and $70,322 on mortgages.
There was a time when the American Dream was all about owning your own home. Now, the American Dream is all about getting out of debt in a reasonable amount of time, without getting evicted from your apartment in the process.
So if you’re tired of waiting for structured settlement payments or annuity payments that feel like they’ll never arrive, it’s important for you to know that you have options. While it won’t be the right decision for everyone, it is almost always possible to sell fixed annuity payments for cash, an increasingly popular decision for those who need easy ways to reduce debt.
