How to Sell Retirement Benefits
Without retirement benefits, you would be unable to live your desired lifestyle during your retirement years. However, pension benefits or annuity payments are not always necessary if you have other income from real estate rental property, a large IRA, or some other income. In these cases, you may wish to sell your retirement benefits. To do this, you will need to locate a company that buys annuity and pension payments. These companies often advertise to purchase your structured settlements.
Call several settlement companies and ask for quotes to purchase your retirement income. The settlement company will require some basic information like your name, address, and phone number. You also need to tell them your monthly payment amount, how long the benefits are expected to last, what the payments are (i.e. pension or annuity), and who is making the monthly payment to you (which company is paying you). The settlement company will then offer you a quote. This quote will be a lump sum of money, and you will be exchanging your monthly payments for this lump sum of money. The lump sum, however, will typically be less than your total expected lifetime payments.
Fill out the paperwork the settlement company sends you. You must sign over your retirement accounts to them. You will need to fill out the forms they send you, tell the company whether you would like a check or a direct deposit to your bank account, and sign your name to the form acknowledging that you want to sell your retirement income for a lump sum amount of money. Then, return the forms to the settlement company.
Wait for the settlement company to process your paperwork. This could take several weeks depending on the settlement company and the amount of your settlement. When you receive you check or direct deposit, the transaction will be complete.