In a recent blog we laid out a simple five-step guide to selling future structured settlement payments for cash. In today’s blog we would like to turn our attention to any annuity holders currently receiving, or scheduled to receive payments from an annuity, and who are considering cashing their annuity out and getting that money sooner. Here is our five step guide to selling future annuity payments for cash.
1) Carefully consider your decision to cash out annuity payments
The decision to cash out annuity payments should only be made after careful consideration. How interested are you in getting this money now, and is it worth forgoing all or a portion of your future annuity payments to get it? Whatever your situation, make sure you carefully weigh all the pros and cons.
2) Evaluate future annuity payment purchasing companies
The second step you must take is to find a company you feel comfortable working with on the transaction. Simply put, you need to find an experienced company, and one you feel comfortable with speaking to on the phone. As always, we strongly believe that company is J.G. Wentworth. We’ve been in business for over two decades, have handled over $4 billion in future payment transactions, and have a Better Business Bureau rating of A+!
3) Calculate how much of your annuity payments you will have to sell
Interestingly, cashing out future annuity payments to a company such as J.G. Wentworth is not an “all or nothing” decision. Under certain circumstances, J.G. Wentworth offers “partial payout” options, in which you may be able to sell just a portion of your future annuity payments, giving you both money now and a certain portion of your payments still coming to you in the future. Either way, it is important that you take the time to calculate your own soundest financial decision regarding how much of your future payments you are willing to forgo.
4) Investigate possible tax implications
While J.G. Wentworth cannot offer specific tax advice, it is important that you recognize that when it comes to selling future annuity payments, there may be tax consequences. We strongly recommend that you contact a tax specialist to discuss all your alternatives and any tax implications for you.
5) Don’t rush into any decision, and understand exactly what you are getting into
While we know time is usually a factor for our customers, we do recommend that you take as much of it as you can, in order to understand the process of selling future annuity payments, before making your decision. Among the things you need to know clearly is how much of your annuity payments you are selling, how much money you will be receiving, and when that money is scheduled to get to you. Just for starters, for instance, it is important for you to know that selling future annuity payments for cash is a process that should generally be finished in under a month.
We genuinely hope that the five basic steps we have outlined here will give you a good understanding of how to get started selling your annuity payments for cash. J.G. Wentworth wants you to make financial choices that are best for you and your family, and the more educated you are about your specific financial situation, the better decisions we believe you can make. If you have any questions about what we have written here, or would like more information about how our company can help you get the money you need out of your future annuity payments, and into your pocket, call us anytime at 877-227-4713.