Have you seen all of those commercials on day time tv about getting a lump sum from an annuity or structured settlement? Generally, you will receive more money overall if you take it over time. But there are emergency situations in which you would rather cash it in.
Cashing in an Annuity
If you need the cash in a lump sum instead of paid to you over time, you’ll want to look at all of your options like Cashinyourannuity.com to see where you can get the best deal. You’ll need to get several quotes to make sure that you are getting as much as you can from cashing in early. Generally, you will lose at least some money overall, so you can take control and make sure it is as small of a loss as possible.
Reasons You Might
You may wonder who would cash in an annuity or structured settlement if it would be at a loss? There are countless reasons, but the big ones could be:
- You need major money right now. An accident or an emergency has popped up that your savings can’t handle. – You are sick. My aunt cashed in nearly everything recently to use for world travel since there is a possibility that she will die in the next 5 years from cancer. She left enough in the bank to cover her future if she has one, but everything else is going towards her bucket list. – Your children need help. Many parents have taken a lump sum from a structured settlement to help children in need.
Overall, it isn’t a decision to rush into but it is one that many people make. The trick is to maximize what you can get and stretch it as much as you can since you won’t have those regular payments anymore.
Would you cash in an annuity?