Preparing for Retirement: Should You Sell Your Annuity?

Author: patty

Most Americans work their whole lives with one common goal in mind: retirement. This period in your life, often referred to as the "golden years," is the time to kick back and enjoy the fruits of your labor. If you're lucky, you will have invested wisely over the years so you have enough saved to live comfortably for the rest of your life. However, it's possible that no matter how safely you chose your investments your retirement plan will no longer fit your needs when it comes time to stop actively working. For example, if you have an annuity that you no longer need or want then you can sell it for a lump sum to better fit your new retirement plan. Here is more information about how this option could work for you.

Annuities are a type of investment in which your money is used to earn equity that is ultimately paid out as a source of retirement income. For most people, buying an annuity is a great idea when they start investing, but life is full of twists and turns that can easily throw their retirement plans off track. So, when your annuity reaches its maturity date and the payments start coming in, what happens if they no longer meet your financial needs? Or, what if you don't want such a structured approach to your retirement funds anymore? Either way, there are companies that will give you cash for an annuity which allows you to re-plan your finances based on your new needs.

Some people don't wait to sell their annuity because they like the security of their monthly checks. If you want to preserve this sense of security then selling annuities might not be in your best interest. If, on the other hand, your investment strategy changes, you don't want to wait for future payments to plan a trip or make a big purchase, or you just need help paying off your bills, contact a buyer to learn more about your options. Whether you decide that a guaranteed monthly paycheck or a lump sum of cash is in your best interest, make sure your retirement years are financially safe and secure so your golden years shine.
Article Source: http://www.articlesbase.com/personal-finance-articles/preparing-for-retirement-should-you-sell-your-annuity-5456573.html
About the Author