The 3 Most Common FAQs About Selling Annuities

Cash in structured settlement payments

For many people, an annuity can be a safe, smart financial choice. Because they provide a steady, long-term source of income, annuities are a popular choice among people who need to determine their retirement finances.

However, it’s almost inevitable that your financial situation will change dramatically at least once before you retire. In this case, you may find you want the money you put into your annuity back in your bank account for you to use.

Believe it or not, but it is very possible for you to sell annuity payments in exchange for a lump sum of cash. To learn more about this form of financial exchange, here’s a look at three of the most frequently-asked annuity questions people just like you are asking:

Q: Should I sell my annuity?

A: Most people who own an annuity can sell these annuities for a lump sum. Selling fixed annuities can sometimes be a complex process, depending on your individual situation; however, there are few reasons why you shouldn’t be able to successfully sell annuity payments.

Q: Will I have to sell my entire annuity?

A: No! You can actually sell a portion of your annuity now in order to ensure you still receive a regular income once you’ve retired. Because of this, selling annuities is surprisingly flexible.

Q: How long will it take for me to receive the lump sum?

A: The length of time between your initial sale of your annuity to the time when you receive your check can vary depending on the company to which you sell it. Some companies are able to fund transactions within just a few weeks; for others, it may take one or two months.

Have even more questions about selling your annuity settlement for a lump sum of cash? Feel free to ask by leaving a comment below.

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