When you win the lottery or come out on top at the end of a lawsuit, there are a few things that happen. The most significant is that you probably end up getting a large amount in a settlement or in winnings of some kind. This is very exciting, or so most people think until they find out that this type of payment is usually doled out in structured settlements, made monthly over a long period of time. Check out what your options are below, so you can get the most of your settlement situation:
Keep Getting Payments
You might be fully prepared to sit back and do nothing at all. Structured settlements work quite well for a lot of people, and in a way it ensures that you will have an alternative form of income for many years to come. There is no way for that money to be stolen, and it acts as a self-regulatory method of it’s own in many ways. This option is great for people who are already financially stable and are o.k. with not seeing most of their money for a longer period of time.
Sell It
On the other hand, you could easily sell your structured settlements and receive a lump sum, instead of waiting for years and years for the money from your winnings to pile up. Indeed, this is the ideal option for many people.
Consider the possibilities. Have you been wanting to do some traveling for years, but lacked the funds? Are you in debt and want to turn over a new leaf? Anything you want to do, whether it’s buy a brand new car, go back to school, or have the financial stability to quit your day job will be possible once you get the money from selling your annuity.
The world is truly your oyster. Whatever you want to do, from selling your annuity to keeping structured settlements in place, will really broaden your horizons and open up new possibilities. Consider your financial situation as well as your plans for the future when you make your decision about how to receive your lottery annuity.