Should I take it?
It all depends on what you are looking for and what best fits your lifestyle. Do you need a lot of money now from your lawsuit, to pay bills or whatnot, or can you take the annuity and live on the monthly or annual payments that will be given to you? That, my friend, is the only way you can look at this question and come up with an answer. I can’t, nor can anyone else, tell you which option is right for you.
A lot of people get sticker shock when they see that lump sum number. It can be very appealing to want to take it and have it all now. However, most people who do this end up in bad situations financially because they don’t understand how to handle their money. The annuity option would be great for this particular reason. No, it may not look glamorous when you are presented with both options but remember to keep your future in mind. Do you really need all the money now? Doubtful. I’m not saying to never take the lump sum, but there are far too many benefits of having the money annuitized. On top of it all, you end up with more money from the annuity in the end.
If you need help deciding what is best for you, give us a call. We never pressure anyone to sell with us- we just want to help.