Did you know that more than 59% of Americans think they’ll have to work during retirement just to make ends meet? It’s one of the reasons that annuities are so popular. They give you guaranteed income in the form of monthly payments throughout your retirement.
But what happens if you need access to more money than your annuity payment provides? You can always sell it!
Here are a few tips to help you sell an annuity so you can get the money you need without the wait.
Figure Out How Much You Want to Sell
Believe it or not, you don’t have to sell your entire annuity unless you want to. Before you start looking for a buyer, consider how much of your annuity you want to sell.
If you want to sell the whole annuity, make sure you know the current value of the annuity so you can adequately compare prices. If you want to sell a portion of your annuity, consider how you want to break things up.
You can sell a portion of the total value of the policy, letting you continue to receive smaller payments for the rest of the annuity’s term. Or you can sell a few future payments in full and receive a lump sum payment from the buyer in exchange.
Each option has its own pros and cons. Make sure you consider your long-term goals before you start looking for a place to sell.
Compare Offers in Detail
Once you know how much of your annuity you want to sell, you’ll need to find someone to sell it to. There are many companies that have experience helping people with selling annuities and that means you’ll want to do your due diligence.
Research each company’s reputation and read online reviews to see what previous clients have to say about their annuity sale experience. If most of the reviews are positive, reach out to those companies for more information about their services.
If you can, get offers from each company you’re interested in. Compare the offers in detail and choose the company that gives you the best price for your annuity.
Take Your Time With the Paperwork
Once you find a company you’re confident in working with, you’ll need to complete the necessary paperwork to finalize the sale. Though it’s tempting to rush the process so you can get your payment, don’t.
Take your time and read through each document closely. If you have questions about anything, contact the company and get them answered before signing on the dotted line.
This way, you’ll guarantee that you’re comfortable with the terms of the sale.
Now You’re Ready to Sell an Annuity
Deciding to sell an annuity is a great way to gain access to a lump sum of cash that you’d otherwise have to wait years to receive. As long as you follow these tips, you’ll be able to get the money you need quickly.
Keep in mind that selling an annuity is just one way to get cash when you need it. Check out our latest posts for more tips to help you generate income whether you’re working a full-time job or are happily retired.