Did you know that 48% of lottery winners are still working at their old jobs? Or that 70% of lotto winners lose or spend all their money in under 5 years? It’s not because they’re bad with money or love their jobs – it’s because of lottery annuity, or the practice of paying out large settlements in small yearly payments rather than one lump sum.
If you’re a recent lottery winner, or if you’re looking to sell fixed annuity, selling lottery payments, or selling any other structured settlement annuity, then keep reading and discover how to get cash now.
- Annuity Fees
Annual annuity fees can climb as high as 3%, while some annuities charge 6% or 7% in fees for the first seven years. Furthermore, annuity payments can be eaten up by income taxes. Any payments made to you before you are age 59½ can be taxed, and some annuities face a 10% early withdrawal penalty. If you don’t want your annuity to be destroyed by taxes and fees, then you might want to look into how to sell fixed annuity.
- Other Fixed Payouts and Annuities
American medical malpractice payouts totaled over $3.6 billion dollars in 2013. However, with income taxes reaching 35%, most of these payouts will be consumed by taxes and fees. Lottery payments also face high taxes and fees. The Mega Millions lottery annuity is composed of one moderate payment followed by 29 annual payments with payments increasing by 5% every year. Do you have that long to wait? If you’re like me, you don’t and it’s best to sell fixed annuity.
If you’re considering to sell fixed annuity, it might be best for your long term financial security to sell fixed annuity payments now and get your money instantly. Don’t wait until you’re in debt!