Need-to-Know Information About Pension Advances
- Author Jessica Lane
- Published July 20, 2012
- Word count 456
Gathering and reading information on pension advances is an excellent idea if you’re considering your cash flow options during retirement. The good news is that this type of financial arrangement can be an incredibly easy process for those who qualify, and the funds are paid in one lump sum so that you can use them on whatever you want or need. The following is a more detailed description of what you need to know if you’re thinking of applying for a cash advance on your future retirement fund payments.
Finding Out If You Qualify
It would be a waste of time to research this financial arrangement if you won’t even qualify for one, so before you go any further it’s essential to find out whether you do. Leading financial institutions such as US Pension Funding typically have requirements similar to these:
• You must be currently receiving pension payments.
• If you are a military veteran, you must receive payments for at least 6 months before you apply.
• You must display a stable credit history.
• Owning a home is advantageous, but stable renters also often qualify.
• A Chapter 7 Bankruptcy is acceptable as long as it’s discharged at the time you apply.
• If you have a Chapter 7 Bankruptcy, you may qualify if it was discharged two or more years ago.
Learning More About Your Options
The important thing to remember is that this is an advance; it is not a loan. You are selling an asset in exchange for a lump sum of money that you can use for a variety of purposes. Rather than waiting years to set aside money from your payments each month, you can have the cash you need right now to pay for whatever you want or need.
Just consider some of the following things people use their advances for:
• Attorney fees
• Credit card debts
• Medical bills
• Purchasing a new home
• Buying a recreational vehicle
• Taking a dream vacation
• Starting a new business
• Taking advantage of investment opportunities
• College tuition (for a young loved one or perhaps for that master’s degree you’ve always dreamed of having)
Once you have determined that you will qualify, you will need to figure out how much cash you need now and/or how much of your future payments you will be able to live without. The most common arrangement is a period of eight years. The financial institution that you are dealing with will provide you with a lump sum in an agreed upon amount, probably in the form of a check or electronic deposit, and in exchange, they will receive your payments for the agreed upon time. Once that time period is over, you begin receiving your payments again as usual.
For more resources regarding information on pension advances please review these pages.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- The Role of Lighting Stores in Brampton: Shaping Spaces for the Future
- The Role of Commercial Cleaning Services in Auckland: A Comprehensive Guide
- Exploring the World of Chauffeur Service: Benefits, Challenges, and Best Practices
- Nerds and Geeks: They still live on!
- IQ Tests: History, Uses, and Choosing a Reliable Resource
- 8 Great Ways To Teach Kids About Oral Hygiene
- App Development as a Catalyst for Business Growth
- Costs of arranging a Mortgage in Spain
- TikTok and Instagram: Ways you will grow and learn.
- Mustang GT: Ford Motor Company is a Rising Force!
- 10 Ways to Transform Production Scheduling in Business Central
- Elevating Your Home with Bold Decor and Vintage Carved Doors
- The Ultimate Skin Care Guide for Every Weather
- Do I Need Insurance When I Rent a Boat?
- Casino Bonuses: How to Maximize Your Rewards and Enhance Your Gameplay
- Was Joseph Stalin a good or bad leader of the Soviet Union?
- Top 5 Slots with the Highest RTP: A Winning Guarantee or a Myth?
- The Thrill of the Hunt Discovering the World of Location-Based Entertainment
- How Much Is the Hermès Cleaning Fee?
- Does Hermès Offer Free Repairs?
- The history of gun control in Australia
- Digital Marketing
- How to Mix and Match: Tips for Building Versatile Outfits from Your Wardrobe
- The Significance of Commercial Cleaning Services in Auckland: A Key Element of the Modern Cleaning Industry
- How RTP Impacts Online Casino Gaming: A Guide for Players and Operators
- How Authentic Employee Reviews Boost Employer Branding
- How to Choose the Best Online Casino: 5 Simple Steps
- Guaranteed Auto Financing
- Transform The Mudroom for The Festive Season
- Rustic Thanksgiving Ambiance with Farmhouse-inspired Doors