For most, winning the lottery sounds like a dream come true. And to be sure, there are many positive aspects to winning the lottery that cannot be overlooked. But lottery winners themselves know that there is a lot more to lottery winnings than a big fat check or instant cash. For one thing, you don’t simply get an instant deposit in your bank account if you win the lottery. In fact, most lottery winners are given two options through which they can receive their money. The first — often pressured upon lottery winners — is the annuity. An annuity, essentially, turns your lottery winnings into annual lottery payments. An annuity can come in various shapes and sizes. However, the most common types of annuities are paid out on an annual basis. Usually, these annual payments are paid out over the course of 25 years. Otherwise, they can be paid out until the lottery winner’s death. Again, many lottery winners are told that this is the best option, and choose an annuity without really thinking about it. This leads them to long for a different option down the road — the “sell my annuity payments lump sum” option, as we’ll call it. The “sell my annuity payments lump sum” option is an extension of the initial alternative to annuity payments: the lump sum. The lump sum is a large amount of money given all at once, and is preferable to an annuity for a number of reasons. Let’s look into some of the ways the “sell my annuity payments lump sum” option could help you in the long term.

“The Sell My Annuity Payments Lump Sum” Option: Giving You Control Of Your Life

The fact is that annuities can be downright confusing, especially for people who have never before experienced being in a higher tax bracket. The annual payment aspect of annuities can make it difficult for recipients to figure out how much money they actually have, how much is coming, and what tax bracket they belong within. Another factor to consider is how much money is withheld after the person initially wins the lottery, as well as how much will be paid to the state over the years. This often makes it necessary for recipients to hire financial advisers to help them handle their annuities — this simply adds to an already-long list of financial charges that will diminish the recipient’s initial winnings. Very easily, lottery winners in particular can be taken advantage of, and this prevents them from really getting the proper “bang for their buck”. As such, it’s important that, if you have an annuity aren’t comfortable with it, you need to move forward with selling your annuity for a lump sum.

Selling Annuities For Lump Sums: How It Can Make A Difference In Your Life

There are so many reasons why you should sell your annuity for a lump sum. However, one of the reasons that isn’t often talked about is how this strategy is one of the strongest ways to reduce debt fast. Unfortunately, debt is a huge problem in America right now. In February 2015 alone, there was a daily average of 3,422 bankruptcy filings. Why are so many people filing for bankruptcy? Well, there are a number of reasons why. One of the main reasons is that, in an attempt to get a degree — and a higher-paying job in the future — students are taking on debt throughout university. This isn’t the only reason why people are packing on debt. Another problem is that many people in America are dealing with medical debt. This is a huge issue for Americans in general, and indeed some of the problems for Americans are less about any particular debt problem, but debt that builds up over the course of the years. Indeed, over 40% of American families spend more than they earn. This is an issue that, for lottery winners, is best solved through lump sums rather than annuity payments. As such, they should move quickly, and sell their payments.