So, you’re thinking about selling an annuity? You purchased an annuity years ago, either for a lump sum or by making regular payments. It seemed like a good idea, and in most cases, it was a good idea. There are a number of tax advantages and it never hurts to prepare an additional income stream for your golden years.
If you’re like many people, however, changing circumstances and the unpredictability of life have presented you with a greater need to have a lump sum of cash now instead of an additional income stream later. So, how do you go about selling an annuity.
First, take some time to shop around. You don’t just want to do business with the first company that advertises “buy my structured settlement” on TV. Make sure that you’re getting a solid offer for your annuity.
Don’t be surprised if the amount you are offered is a bit less than the total you would likely receive if you were to annuitize your annuity and take the structured payments. Annuity buyers, like any other kind of business, need to make a reasonable profit. Still, you want to deal with a company that will give you a fair shake-the fairest possible in return for your annuity or structured settlement.
Selling an annuity is a big decision. You are giving up all or part of a continuing revenue stream. While it’s a good idea in a number of circumstances, those who depend on the annuity payments for everyday living expenses generally shouldn’t sell their annuities.
If you’re still asking, “Where do I go to get someone to buy my structured settlement?” and need to know how to go about selling an annuity, here are the basic steps:
1. Decide whether you want to sell your annuity or structured settlement in full or in part, and have at least a general idea of how much cash you would need to make it worthwhile to do so.
2. Shop companies that buy annuities. There are many of them out there, and there’s nothing wrong with doing some comparison shopping. Make sure to pay attention to the actual terms of any agreement. There’s more to choosing an annuity buyer than how much cash you can receive (though that’s certainly important).
3. Ask any company you are considering selling an annuity to what documents you will need in order to sell your annuity. This will differ from state to state and from annuity buyer to annuity buyer. You will save yourself time if you obtain these forms and have them ready before proceeding.
4. Choose an annuity buyer. Make sure you fully understand all the terms of the transaction before you make a final decision. There’s nothing wrong with asking lots of questions. After all, selling an annuity is a big decision.
5. Your annuity buyer will walk you through their procedures, as well as informing you of any hoops you may have to jump through for the state you live in. After that, all that remains is to wait for their approval and for your lump sum payment to come in.
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Annuity Explanation for Dummies — How someone can understand the basics of an annuity in minutes? http://www.RetireSharp.com 1-800-566-1002. What are annuities and how can you avoid the most common mistakes that individuals have made when purchasing these retirement income products?
Please understand that I am NOT trying to offend anyone by having the word dummy in my title. I just want all beginners viewing annuity information to become properly educated and feel comfortable. The most important aspect with any type of annuity education is to make sure you learn in a simplistic manner and call the number on the screen at any point throughout your viewing.
Even though annuities may seem very new to you, these retirement products have actually been around for years. The number one image/word that should go through your minds when researching annuities is income. These are income producing financial products; income that should be projected throughout your retirement years
Now annuities come in many different forms and you may have heard of the most common types:
-Fixed index annuities
-Variable Annuity (I do not recommend variable annuities)
With any sort of financial planning regarding annuities, it should be a major goal for both yourself and advisor to place the LEAST amount of money possible in an annuity to perfectly obtain your retirement income goals. You see, the major reason why you want to leverage an annuity is through the contractual agreement set up through the insurance companies that offer them. There are multiple types of annuity offering throughout each state, some maybe identical other completely different.
There are new types of annuities that have become very attractive after the 2008 market crash that allow your account value to gain with upward market movements and not lose to downward market losses. This is a combination annuity known as the hybrid annuity.
You see a hybrid annuity is exactly how it sounds; it essentially takes the combination of various types of annuities and molds it into one. The most effective hybrid annuities in the market place are offered right here through Ifasi Financial Group.
Now please understand that we do not like to place a square peg in a round hole, meaning that if your situation does not correlate to certain types of financial products then we will offer a better suited strategy on your desired goals.
Annuities can be leveraged as very good financial tools regarding your preservation and income stage for retirement goals. But why have so many people developed a bad taste in their mouths once they hear the word “annuity?”
Please stop being foolish and become educated by watching the video displayed above. Feel free to subscribe to our youtube channel and receive instant access on different retirement related topics. Thanks for watching : )
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