With all the recent buzz about the huge Powerball jackpot you may be surprised to find out that nearly half (48%) of all lottery winners end up having to continue to work at their current jobs. The main reason for this is the way that the funds are actually paid out. Lottery winnings are currently paid out in what is known as a structured settlement where the recipient only receives a small portion of the total up front, and the remaining amount is given in small payments to them each month for years. The good news for you and other lottery winners is that there is a way to get cash for structured settlement payments which will allow you to have access to all of your winnings immediately. Here’s a bit more information:

1. Cash For Structured Settlement Payments – If you have been lucky enough to win the lottery then you shouldn’t have to wait years for your payout. That’s why you ought to consider selling to get cash for structured settlement payments. Selling your annuity is a popular decision among lottery winners today, but it’s not just in order to get a lump sum up front; it’s also a great way to avoid fees.

2. Avoid The Fees – Many structured settlements and annuities charge a penalty of 6% or 7% in the first few years, and are subject to income taxes and early withdrawal penalties, but if you sell your structured settlement up front then you can avoid all of that. Don’t let the red tape or fees get you down, for goodness sake you just won the lottery! You should be focused on the best ways to spend or invest your winnings rather than figuring out ways to avoid paying fees on them.

3. Using Your Lump Sum Versus Annuity – Once you get cash for your structured settlement payments you will then face the decision of how you to best spend it. Many individuals choose to consult with a financial planner before spending a penny of their money, while others choose to quickly pay off larger debts like mortgages, auto loans, student loans, and medical debt. Only you will make the right decision for your future.

If you have won the lottery and are facing the decision of whether or not to take the structured settlement payments you have been offered or to sell them and get a lump sum payout, hopefully you have a bit more information now in order to make the best choice.