So you won big in the lottery but don’t want to wait for your lottery annuity to pay out. By selling your lottery annuity, you can put cash directly in your pocket without having to worry if you will be getting all of your money back.
The Temptation of the Lottery
Now, more than ever are Americans struggling with finances with 64 million people (35% of the population) admitting that they had trouble paying bills or were stuck paying off medical debt as of 2014. The average American home has around 13 debit and credit cards between its members and nearly half of U.S. families spend more than they earn every year. Between 2014 and 2015 alone, student debt rose from $1.2 trillion nationally, to $1.3 trillion dollars. Between mortgages, medical expenses, and student loans, Americans end up paying an average of $950 per year. So its no wonder why millions of Americans are lining up to buy a lottery ticket for a chance at wishing the debt away with a structured settlement annuity.
What to Do if You Win?
So how does one receive lottery winnings? Typically once the right people have been alerted they will set you up with an annuity settlement that will pay out a percentage of your winnings every month for a set number of years (usually 25 years) or payments until death. The problem with this model is that no one knows how long they have and no one knows how much longer they can live with financial problems. One option you have is to sell your annuity for cash. Generally, you won’t get as much back as you would for waiting until the annuity pays out, but that is money that you could have as cash in your pocket when you need it.