The latest statistics show that $2.53 trillion is locked up in retirement annuities in the United States! Many people use annuities to help save something for themselves in retirement, but did you know you could cash in early?
There’s a whole market of annuity buyers who purchase these assets upfront in giant once-off payments. If you’re only set to benefit from your assets in a few decades’ time but want the money for something today, you can use one of these services to fund whatever it is you need to.
Find out some of the crucial things to know about annuity buyers by reading the rest of this article.
1. Who Can Buy Annuities
Annuities and structured settlements are assets with a set value, and that means you can legally sell the rights to those assets to anyone. It’s best to handle the transfer through firms that specialize in these transactions. Finding these firms is as easy as a Google search and some of them, like Wepaymorefunding.com, operate entirely on the internet.
The benefit of an online service is that the automation helps you avoid queues and meetings. The websites also post resources to help everyday folks navigate the financial world.
2. What to Look For in an Annuity Buyer
First, you want to look for a service that provides helpful, friendly, and accessible service. A company that is difficult to contact or obscures its process in complex language will find it easier to manipulate and cheat you. If the service provider doesn’t help you understand what’s actually going on in the purchasing process may not give you the best deal possible.
A way to keep tabs on your consultant is to make notes of your meetings and correspondence. Research terms and legal processes you haven’t heard of before to make sure they’re legitimate.
3. Annuity Buyers Should Have Good Recommendations and Reviews
Top annuity buyers would have helped thousands of customers. Research how happy past clients have been with your annuity purchasers’ service. This will help secure your belief in your chosen service provider if they’ve already made a good impression.
4. What to Look For in an Annuity Sale Deal
You also want to find the best deal. Simply put, the best deal is the annuity purchaser who will give you the lowest discount rate and charge the least commission. You may not find a firm that offers the lowest in both categories but knowing that you’re looking for the best combination of those two factors will help you make the best decision.
Many high-school seniors will understand the basics of a present value financial formula. Ask a student, teacher, or search for the educational material on YouTube to test whether your annuity purchasers are giving you a good discount rate. The math is easy enough to do on a scientific or financial calculator, as well as Microsoft Excel or Google Sheets.
Make Smart Financial Decisions
If you are set to receive payments from an annuity or a structured settlement in the future, you do have the option to receive a lot of that money today. Make sure you find the best annuity buyers and the best deal to help you sell your asset to a third party. You can also look at companies selling annuities to buy one for yourself if you want to turn your cash into a smart retirement asset.
Annuities aren’t the only great place to store your retirement savings. Stocks, bonds, and commodities are other great assets to have for income or rainy days. Find out more by checking out our business, finance, and industry news.
