Setting Up Retirement with Choice to Sell Annuity Payments, Part II
- This was posted on February 22, 2010
In the last post I talked about some plans I have for the upcoming spring - plans that I have been putting in place for some time and will allow me to achieve my ultimate goal of retirement. After this long winter - and more to come - I am looking forward to getting outside and getting my house into shape. It is getting older and is finally showing some of its wear and tear. I have a lot to do to get it all together but it is work that will all put me on the road to my ultimate goal to sell the house and move to another state where I can retire with a lower cost of living. I have many financial preparations to make including selling the house and paying off my debt and the choice to sell annuity payments will give me the cash on hand that I need to do all of this and more.
The buyer of structured settlement annuity that I am working with has a great reputation and was able to explain all the ins and outs of the sales transaction. I had a lot to learn as I had not even known that selling annuity payments was an option before this. I thought that the monthly payments that I received were the only way to “use” that money but it turns out that I was wrong. I can sell annuity payments to a buyer (a purchasing company) who will then receive those payments when they come due. In the meantime they give me cash today for those future payments. I am not selling the entire structured settlement because those payments will be a great extra source of income during retirement. Rather I just determined the amount of money that I need to fix up the house and pay off my debt and I am selling the number of payments that will give me that amount of money.
Popularity: 19% [?]