If you have ever wondered if it is possible to sell an annuity for cash, the answer is yes. Currently, there are three different options to choose from when looking to sell your annuity. Here is a breakdown of the different choices to sell your annuity.
Lump Sum
With this selling option, you are still eligible to receive monthly annuity payments later. With a lump-sum option, you are selling a lump sum of your payout.
For example, if you need money for home improvements, you can do a lump-sum sale for a specific amount. The upside to this option is that you get a specific amount of cash, and then payments pick back up later.
Partial Payment
When wondering how to sell my annuity, this option is one of the first ones we think of. It works similarly to the lump-sum option. With this method, you are selling your annuity payments for a specific amount of time. For example, if you sell your payments for 10 years, you can start receiving payments once those 10 years are up.
Sell the Entire Thing
Your last option to sell an annuity is by selling the entire thing for cash. The downfall to this option is you are giving up any remaining interest, plus all future payments. With an entire sale, you get one payment for everything that is left in the annuity. This is perhaps the easiest way to sell it because there is no negotiating any terms.
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