Sometimes our plans change and we choose to shift gears financially. People who cash out their annuity payments can decide to do so for a variety of reasons. Maybe they want to defer retirement. Maybe they want to buy a new home and a lump sum of cash would be more beneficial to them right now. Earl was one of those people who decided it was time to cash out his annuity payments. Read Earl’s story below.Earl knew his parents loved him. His upbringing was not a privileged one, but his parents worked hard to provide for their family and his education. When his father died five years ago, Earl admired the planning his father had done to make sure his mother could live modestly, yet comfortably, for the rest of her life.When his mother passed away, Earl wasn’t at all surprised to find an annuity among her schedule of investments; this was a safe, stable and dependable investment that epitomized his father’s character. As the only child, Earl would inherit this annuity once the estate was settled.Upon receiving ownership of the annuity, Earl chose to continue the monthly annuity payments of $2,100 each. While the annuity payments were nice, Earl later realized they weren’t helping to make headway with some of the financial challenges he was facing at the moment. Earl’s physical therapy practice provided independence and a comfortable living, but lacked the growth he knew he would need to put his children through college and provide for his own retirement. If his calculations were correct, he needed to expand the practice by another 1,500 square feet, as well as add new equipment and more part time therapists.When the adjacent office became available, he had the opportunity. But did he have the capital? If he could tap the principal of the annuity he inherited — about $250,000 — rather than simply the monthly annuity payments , Earl could fund his expansion with an annuity cash out. Earl’s financial advisor said that such a transaction was possible, and gave him the name of the one firm he was aware of that could help Earl sell his annuity.This is when Earl called J.G. Wentworth.Contact JG Wentworth now to discuss converting your annuity payments to cash.Source Link:http://jgwentworth.com/services/annuity/cash-out-annuity-payments/
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