With millions of Baby Boomers reaching retirement age at the same time, it is becoming quickly apparent that Social Security benefits may not be there for everyone. Without these benefits, some may not be able to reach the dream retirement they had hoped for. For many seniors who kept an eye on retirement throughout their careers, purchasing an annuity may have seemed like a good idea at the time. But with early retirement looking like an unlikely prospect for most, many are looking to get cash now for their future annuity payments.
While retirement has long been the dream of aging Americans, it is a luxury few can afford. According to a study released in November 2011 from the nonprofit Transamerica Center for Retirement Studies, more than three in five U.S. workers in their 50s and 60s plan on working past 65 — and 47% of that group say they’ll do so because they’ll need the money or the health benefits.
Getting access to a lump-sum now, instead of waiting for future annuity payments, can help seniors pay for medical bills that Social Security may not cover, help keep older homeowners from possible foreclosure, or just give them breathing room on bills and other odds-and-ends. For seniors who do have savings, but not quite enough to retire, selling some or all of their annuity payments can free up cash for some long-overdue travel plans, or for making essential repairs around the house.
Everyone could use some extra cash, but as seniors look to work into their golden years, that extra cash can be essential to keeping the lifestyle they have become accustomed to and keeping finances flexible when plans change. While retirement is a great option for some, for others it is just not in the cards. While responsible retirement planning may have started with an annuity years ago, firms like JG Wentworth, that purchase future annuity payments, will work with you to help you get out of your retirement plan that may have outlived its usefulness. Whether you inherited your annuity, or planned for it and now need the cash, or simply wish to diversify your investments, we can help you achieve the golden years you always dreamed of.