Start a Business with a Retirement Annuity
Retirement used to be thought of mostly as the “golden years” where a life-long worker took a pension or retirement savings and pursued the good life, trading in an occupation for hobbies and downtime. But for more Americans, retirement is a time to think about a kind of “second career” where a resourceful investment in a small business can help an experienced professional make a lot more money in retirement. That’s where a retirement annuity can come in handy; one of these assets can be key to funding a new enterprise of any kind.
THE RETIREMENT ANNUITY: A STRUCTURED ASSET
Retirement annuities are meant to pay out money slowly over time. While there are often allowances for larger withdrawals after retirement age, the specifics for a retirement annuity depend on how that account was set up.
The idea behind a retirement annuity is that as the money stays in the account, it earns interest. That interest-gaining strategy determines how a retirement annuity will pay out. But for many annuity holders, entrepreneurship is a game-changer. Money that is sitting in a retirement annuity may be better used in setting up a new business that could potentially gain much quicker than the annuity interest rate. Again, this depends largely on a wide set of factors, including the business plan. However, those who choose to pursue a new business may want to take more money out of a retirement annuity than a schedule has allocated, in order to buy equipment, lease a building, purchase a franchise, or otherwise make a big investment in a startup. That’s where selling a retirement annuity can be a good way to get cash when you need it.
SELLING YOUR RETIREMENT ANNUITY: FINDING A BUYER
A qualified annuity buying firm helps the retirement annuity holder to understand the process of selling part or all of this kind of asset. The best firms will provide a variety of options to annuity holders for their retirement annuity sale. Buyers can also help predict any issues with selling a retirement annuity, and project a timeline for the sale so that the seller knows when to expect the lump sum payment.
Because individual retirement annuity buyers are so different from each other, it makes a lot of sense for the retirement annuity holder to shop around and get bids from a number of firms, taking time to ask the right questions about how much support and assistance a particular retirement annuity buyer provides. Comparing offers will help the seller understand the market better to profit from this kind of transaction.
SELLING YOUR RETIREMENT ANNUITY WITH CBC
At CBC, we understand that you want the best information on how to handle a complex asset like a retirement annuity. We have the experience and the dedication to make your retirement annuity sale a good experience, and we will keep you filled in on all of the details surrounding your plan.. Let us help you with your retirement annuity sale and get you the money that you need to pursue your dreams.