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Investment annuities offer a means of saving for retirement, allowing you to defer tax payments on the funds you add to the account, and guaranteeing a steady income over a long period of time. As long-term financial products, annuities are often purchased with specific financial goals in mind.
Annuities have some drawbacks, however. You can only access funds once the annuity matures. Draw money out of the annuity before that point and you may pay costly penalties. Also, commissions and annual fees could deplete the annuity balance by as much as three percent each and every year.
Reasons to Sell Annuity Payment Portions
When financial circumstances change, you may need access to the capital locked away in your annuity. The reasons to trade cash for annuity payments vary, but common motivations include:
- Buying or renovating a home
- Funding a business startup
- Investment opportunities
- Paying college tuition
- Paying off debt
If you inherited an investment annuity, you may simply prefer the freedom of a lump sum rather than long-term structured payments, which may not meet your financial needs.
Annuity Sales Restrictions
Not all investment annuities can be sold or assigned. Also, IRAs, 401(k) accounts, and 403(b) accounts are not eligible for Woodbridge’s Cash for Annuities program.
Preparing to Sell
You choose whether to sell the entire annuity or a portion of the payments. Selling the entire annuity will result in more cash per payment sold. On the other hand, if you instead decide to sell only a portion of your annuity payments, the remainder will still belong to you and will provide you with a steady stream of future income.
Cash for Annuity Payout Amounts
The lump sum payout you would receive from an annuity sale through Woodbridge depends on a number of factors, including the total amount of payments being sold, the time period over which those payments occur, whether or not your annuity has a death benefit, and prevailing interest rates. Before committing to any such sale, Woodridge recommends that you consult a financial advisor and tax professional.
Woodridge Structured Funding’s talented and experienced Account Executives can help you sell your annuity payments. Our firm pioneered the sale of structured settlement, investment annuity, and contest prize payments, and we remain a leader in the field, dedicated to helping you meet your individual needs.
With a proven track record of success, Woodbridge has turned heads across the country and coast-to-coast. We guarantee we’ll beat any legitimate offer made by a competing structured settlement factoring company. Why settle for less? Contact us to discuss the sale of your annuity payments today.