Get the Most Out of Structured Settlements

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Maximize Your Settlement Benefits

You’ve just been awarded a structured settlement. What can you do to make the most out of your scheduled payments? How can you invest in your future and still take care of your most immediate needs?

Consider this your guide for getting cash for payments. The information provided here will help you make an informed decision about your annuity. This will allow you to live a comfortable lifestyle despite your injury.

What Are Lump Sums and Structured Settlements?

A structured settlement can be awarded for a number of different reasons. One of the most notable is due to a personal injury lawsuit. A plaintiff that is awarded a structured settlement is given the option to receive one immediate payment or spread out their payments in what is known as a structured settlement. Depending on the needs of the individual awarded the structured settlement, he or she may opt to take the lump sum rather than the structured settlement payments.

Lump Sum vs Recurring Payments

When it comes to your structured settlement, you’ll have one of two options to choose from. You can opt to take your payment as a lump sum. That means that you get one non-taxable payment.

Although this is ideal for some people, it’s not for others. After all, you’re going to need a place to safely keep that money, right? If you put it in a savings account that earns interest, you’ll have to pay taxes on the income that was generated by the interest. You tax-free structured settlement has now become taxable.

Many people opt for a structured settlement because they want to hang onto more of their money. They don’t want to pay taxes on the income received from their structured settlement. If you decide to take structured settlement payments, you’ll get a check on a regular basis that you can use however you want.

Some structured settlements pay out over the course a lifetime which eases the minds of many retirees. Without a steady job to tide them over, an annuity can make a real difference in the way they live. It can provide income and stability so that the men and women can uphold the lifestyle they’ve grown used to living.

The major difference in a lump sum and a structured settlement is the number of payments being paid out. A lump sum may be larger in dollar amount but it has to be managed a lot more carefully. Once spent, there’s no more money available.

A structured settlement payment, although significantly smaller, provides more stability. It’s similar to any other regular check one would receive. Many people live off their settlement money because an injury has made it hard or impossible to return to the workforce.

Borrowing Against Your Structured Settlement

Many people find it necessary to take out a loan against their structured settlement. Although it’s an option that suits many people well, it is subject to approval by a judge. If a person is believed to be in a position where they can financially provide for themselves without borrowing against their settlement, the request will likely be denied.

There are a number of different ways a person can avoid taking out a loan against their settlement. One of the most obvious is to cut back on unnecessary expenses. Another is to increase their household income by taking in a roommate or working a second job.

Unforeseen events do occur and despite having access to a structured settlement payment, you may not have enough to cover your bills. If this is the case, you always have the option of borrowing against your settlement.

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