Selling Annuity Payments Or Keeping Annnuity For Retirement

 Selling Your Annuity To Cover Unforeseen Expenses

Selling Your Annuity

In simple terms, an annuity is a fixed some of money paid to someone yearly. This is why it is called an annuity, comes from annual which means yearly. Many people across USA and Europe use annuity payments to plan for their retirement. There are basically two types of annuity; differed and immediate.

• With differed annuity, an investor makes his lump investment and that is invested for a specific time period stipulated until the investor is ready to receive his payments. 
• With Immediate Annuity, you will start  receiving payments soon after you make your initial investment.

But there are many of us who probably need cash now to cover some sort of heavy expense and we simply cannot find the immediate cash to cover those expenses. Situations do arise, and some of them are not so fortunate. Money is a very needed commodity and if it is possible to finance your expense without taking out a loan, it is much better to do so. One option many people look at when needing immediate cash to cover expenses is to sell their annuity payments.  You can easily send your annuity payment and get cash in your hands while still maintain a portion of that annuity to receive for retirement purposes. So what are the steps in selling your annuity, it is quite simple, lets take a look.

Decide how much annuity you will sell

• Take a look at your expense which you need the money for, take a look at your annuity payment and then decide how much of your annuity you wish to sell.

Speak to a Lawyer

• When doing transactions like these, it is always good to get the help of prefessional people. Speak with your lawyer and let him guide the process of selling your annuity.

Review the company you are selling to

• Don't just say i have a lawyer and he is working on it. You need to ensure that the company you are doing business with is reputable, meaning, they will not sucker you out of your money. Remember selling your annuity is receiving a lesser amount of money for the value of your money! Yes, companies are buying annuities to make a profit, not as good Samaritans to help you in your financial disasters.

Remember that selling your annuity is a financial transaction and all supporting documents must be verified and approved. It may take a couple of days or weeks for the transaction to be fully completed. One everything is smooth, you can expect to receive your sale from annuity in your bank account or check in the mail.

Here are some companies which may buy your annuity