People often choose to sell a retirement annuity because they need immediate access to a large sum of cash or because they are able to put the funds into a more lucrative investment.
Instructions
Sell a Retirement Annuity
1. DO YOUR HOMEWORK! Research several companies who buy annuities.
2. Make a comparison chart.
3. Using the information you have gathered from your research, fill in the columns.
4. Study your chart, and determine which company you will do business with.
5. Fill out the necessary paperwork to start the procedure and submit it.
6. Once you have received the initial acceptance papers, have a lawyer to review it carefully. You are, after all, dealing with a pretty large sum of money.
7. If the lawyer gives his (or her) approval, continue with the transaction.
Tips Warnings
Don#x2019;t be in a rush. Take your time, and do a lot of comparing. If you are really needing cash, consider a short-term #x201C;fix#x201D; that will get your through until you can make a clear, informed decision about selling your annuity.
Consider letting someone else review your comparison chart. He or she may see something that you missed that could have a significant impact on your decision.
Remember that you are not actually #x201C;selling#x201D; an annuity. You are only #x201C;assigning a payment#x201D;. In other words, you are getting the money from a different entity than the original annuity.
Be aware that there are SCAMS out there! If a annuity purchase company is offering terms that sound too good to be true, they probably are!
Keep a record and a copy of EVERY part of the selling process, especially that involving the actual transfer of the funds. Make sure the figures on all pieces of paper match.
Most annuity purchase companies allow you to sell a part of the annuity. SO, sell only what you need to. If you don#x2019;t need to sell the entire annuity, then don#x2019;t. And, don#x2019;t let yourself be coerced into selling the entire annuity.
Tags: sell, retirement, annuity, annuity purchase, because they, comparison chart, entire annuity, Retirement Annuity, Sell Retirement
