Structured settlements can be very beneficial to those that wanted a payout schedule. While it may seem restrictive, structured settlement annuities can have a lot of flexibility. You can cover various expenses and have the control you need to restructure your financial situation after an accident causes you injury.
There are times when structured settlements can backfire, and you may need money fast. In that instance, the flexibility you have with your payments may falter. If you need cash quickly, call Silver Dollar Financial today. We can help you get started on applying for funding that can help pay off your debts and expenses. You can reach us at (877) 871-0628.
Structured Settlements Vs Lump Sums
Lump sums inherently offer more flexibility than structured settlements mainly because you get the entirety of your settlement in one go. With all of your settlement readily available to you, you can use it however you want to whenever you want to. Despite this, structured settlements do have some flexibility that you shouldn’t overlook.
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How Structured Settlements Annuities Are Flexible
There are many ways structured settlements annuities offer you good flexibility, just like lump sums.
Structured Settlement Annuities are Tax-Free
There are no taxes to pay when you receive a structured settlement. Under the Periodic Payments Act of 1982, you do not have to pay any taxes. There are a few exceptions to this rule, but generally, you keep all of the money paid to you over time.
This tax-free status is more than worth it. You can save anywhere between 25% to 35% in state and federal taxes. This amount is not small, and the money you save in the long run offers you a superior range of benefits and flexibility with your finances.
Earn Interest on Your Payments
The biggest advantage of structured settlements is the ability to earn interest over time. The more your interest accrues, the more your payment amounts can rise. This growth can allow for greater flexibility in your finances as you now have more money to spend than you would have originally when taking a lump sum.
Budget Your Money Wisely
Structured settlement annuities are a great way to stop yourself from spending all of your money quickly. Many people who suddenly come into a large amount of wealth are prone to spending it all irresponsibly. This happens more often than you might think. When you get periodic payments instead of one giant lump sum, you can budget accordingly and be flexible with your money by not spending too much of it at one time.
You Can Use Your Structured Settlement Annuity Payment for Anything
You can use the money you receive from your payouts for anything:
- School or tuition fees
- Vehicle repairs or replacement
- Fixing any property damages you sustained
- Medical expenses, assisted living, or prescriptions
- Rent or mortgage payments
- Various living expenses
Most structured settlements have no restrictions on how you spend your money because, after all, it is your money. You have all the flexibility in the world when it comes to where you decide to put your settlement towards.
Structured Settlements Can Be Slow to Pay Out
Even though the Official Code of Georgia Annotated (OCGA) §9-3-33 states a deadline of two years to file a claim, there is no deadline for when your claim should resolve. Imagine, after waiting many months or potentially even years for a settlement, only for it to slowly trickle down in the form of monthly payments.
Despite the flexibility of deciding your payment schedule, you cannot always predict the future. If you have any unforeseen circumstances that affect your financial stability, you may need access to your settlement early. Even though you gain interest over time, you may not afford to wait that long to see that change reflected in your monthly payout schedule.
Apply Now for Pre-Settlement Funding
Structured Settlement Funding Can Help
You don’t have to feel stuck between a rock and a hard place when it comes to financial hardships. Silver Dollar Financial offers funding for your structured settlement annuity so you can get cash fast. All you need to do is apply online with basic information, wait for approval, and receive the money you need. It is that simple.
Whatever money you take out, you simply pay back with your structured settlement payments. Just like your payments, the funding you get is flexible and can be put towards whatever bills or expenses you need to pay.
Call Our Office Today for Financial Assistance
Silver Dollar Financial has helped many personal injury victims over the years get money fast to help sustain them while they recover. Find out more about all of the financial services we offer. Apply online for free or call us at (877) 871-0628.