Did you win the lottery? Did you win a lawsuit settlement? Good for you!
Now wait to get paid.
Winning the lottery is everyone’s dream but in reality, it’s not as magical as it may seem. Not only does the United States government — federal, state, and local — take up to 25% of your winnings, many lotteries pay winners in increments. The Mega Millions lottery, for example, is paid in 30 increments: one immediate payment and 29 annual payments thereafter. Each payment is 5% larger than the one before it. Because of the elongated nature of lottery payouts, many lottery winners (48% to be exact) still have to work after winning the lottery.
People who win lawsuit settlements, whether it is for medical malpractice, employer damages, government suits, and others, don’t fare much differently. Payments from the defendant can take months or even years to commence. As such, the people who deserve the money often do not get it when they need it the most.
That is why structured settlement annuity deals are very popular with lotto and settlement winners. More than 37,000 Americans use structured settlement annuity benefits every year. Of all the Americans who buy structured settlements, an impressive 92% claim to be satisfied with their decision. Structured settlement purchasers can decide when they want to get paid (every month vs. every year, etc.) and how they want to get paid. A lotto winner who chooses an “immediate” annuity, for example, can start receiving paychecks within 30 days of purchase. Others who want a more gradual approach can receive paychecks following a flexible and more than desirable payment plan.
Winning the lottery changes your life. How it does, however, is up to you. To buy structured settlements is to provide you and your family a financial lifeline that so many Americans can only dream of.