The Honest Truth: Two Reasons Why Payments are Better than Cash for Settlement

If you are considering cash for settlement payments that you receive you have probably read a lot of articles on the Internet about what a great idea it is. You probably read that you can manage your money your own way, possibly make more money, save your house and so much more. Certainly there are many reasons to get cash for settlement payments. However, there are also very valid reasons that the government has encouraged personal injury payments through structured settlements. Let's look at the two biggest advantages to receiving structured settlement payments rather than getting cash for settlement.

You Cannot Properly Manage Your Own Money

The main reason that the court system started using structured settlement payments rather than a lump sum in personal injury cases is this: the court judges and lawmakers did not think that people could responsibly handle their own money. And in many ways they were right. Read our article, "Is a Cash Payment for Insurance Settlement a Recipe for Disaster?" In that article you will see how some people spend themselves into a hole and have no money to live on, even if they had a lot of money at one time.

With a structured settlement you are guaranteed money for a long time. This money can ensure that you are able to pay for your medical care and equipment. It can ensure that you have a place to live and food to eat. It can help support children who cannot care for themselves. Regular money can be a blessing. If you sell your structured settlements you lose out on the undeniable security that these payments bring.

You are Close to Retirement Age

Another important reason to keep your structured settlement annuity payments is if you are close to retirement age. Retirement costs much more money than most people think. American Social Security is unlikely to be enough for most people to live on. Also, most people do not realize that even if you have saved money for retirement, you should save enough that you can live off the interest without touching the principle. If you have to touch your principle then you risk running out of money before you die. Given that you are likely to spend 20-30 years in retirement, running out of money would be a nightmare.

If you are considering cash for your structured settlement annuity payments, think about your retirement. If you have not managed to save up enough money that the interest could pay all of your living expenses, then a structured settlement annuity payment could really save your life in retirement. With these payments you will always be able to take care of yourself. So, getting cash for settlement payments may not be a good idea if you are close to retirement and unprepared. Contact us today and we can tell you your options, honestly.

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