Saturday?s lottery total is $334 million. Taken as it lump sum it?s $205 million. Although both of these numbers are just estimates, they?re both a lot of money. More money than most of the people searching the internet will ever have access to in their lives. But, it?s good to dream, right?
Although few people will face the decision of how to receive this kind of money, many others are offered the choice between taking settlement cash now or receiving their money through a structured settlement annuity. Insurance benefits, court settlements, and, yes, lottery payouts present these options to recipients.
While many people initially think that a structured pay schedule stretched out over many years is the best plan, the reality is that selling your annuity for a lump sum may be the better option. Cash for your settlement will allow you to reach your immediate financial goals:
- Pay off all credit card debt. While saving for the future may seem like a great idea, it simply does not make sense if you have money planned for your future, but are currently paying high interest rates. Although many annuities already assess a penalty close to 6% or 7% initially, these penalties are small compared to the interest rates on large credit card debt.
- Payoff your current house loan. Does it make sense for you to eliminate the rest of your debt once you have paid off your credit cards? The goal of most people as they reach retirement is to have very few monthly payments. Paying off a house loan can prepare you for an enjoyable retirement.
- Start a new business. If you are fortunate enough to have no debt, selling your annuity could allow you to start your dream career. What job have you always dreamed of? Do you want to help your daughter who just graduated from college open her own private Montessori school? Have you always dreamed of working together as a family to offer other children the same wonderful child centered education that your daughters received?
- Go back to college. Whether you want to finish your bachelor?s degree or you want to finally have the chance to work on a masters or a doctoral degree, investing in your own education can now be a reality.
- Take your family on a dream vacation. Whether it is a family trip to the 2016 Summer Olympics in Rio or you want to take them to the Greek island of Santorini, selling your annuity can create a vacation to remember.
Employee lawsuit settlements often average $150,000. Medical malpractice suits paid out a total of more than $3 billion in the year 2013. Whether you are looking at a large medical malpractice settlement or a smaller workplace settlement, getting cash for structured settlement is often the best option.