An annuity payment is a stream of payments made to an individual over a specified period of time. Annuities are typically purchased as a means of receiving a steady income in retirement or as part of a structured settlement payment.
If you currently receive annuity payments and are considering selling them, you should be aware that this is a complex financial transaction that requires careful consideration. When you sell your annuity payments, you receive a lump sum of cash upfront in exchange for giving up your right to receive future annuity payments.
Before deciding to sell your annuity payments, you should consider the pros and cons, including the potential tax implications, the loss of guaranteed income, and the fees and costs associated with the transaction. You should also research different companies that purchase annuity payments and compare their rates and terms.
If you do decide to sell your annuity payments, it is important to work with a reputable and experienced buyer to ensure that you receive a fair price and that the transaction is handled properly. It is also important to consult with a financial advisor or attorney to understand the legal and financial implications of selling your annuity payments.