Financial situations can change quickly. Ask anyone who had
an IRA or 401K account back in 2006 about how well it is doing now. If you
decided to buy into an annuity at a
previous time in your life when your finances were in line, you may find that
times are a little different now. However, just because times change doesn't
mean you are stuck. If you need money to pay for a medical expense, school, or
home repair, you can find relief through a partial or whole sale of your
annuity payments.
Annuity payments are meant to protect you down the road.
Many people buy annuities because they want a guaranteed stream of income. If
life went down a straight line, it would be a great idea. Unfortunately, life
doesn't work that way as indicated by those lackluster 401K balances between
the years of 2007 and 2010. You may lose your job or decide that you want to go
back to school to prepare for a new career. In these instances, annuity
payments down the road simply won't cut it.
We are creatures of adaptation. It's in our genetic nature. That's
why we have survived. If times change, you need to change with them. Selling
off your annuity payments for a lump sum of money can provide the security and
finances needed to live another day.
