As an annuitant, it can be a long and arduous journey, especially when they are young adults experiencing a tragedy.
Finances are not all that annuitants need to move to the next step in life. Annuitants also need to be supported in their grieving process, which often takes a back seat because of everything happening in their life. They also need to be prepared for the range of emotions that come with the settlement, which can lead to mismanagement of the funds given to them if not supported.
In this episode, our guest, Racheal, an annuitant, shares her emotional journey of her structured settlement. How her father died (a single parent) died when she was 19, her grieving process and how it affected her journey through college, her emotional experiences with the settlement money, and her advice to kids in her shoes and those doing the planning. This is an episode you won't want to miss.
Key Highlights from the Episode
[00:01] Episode intro and a bit about our guest, Rachael, an annuitant
[02:12] Rachael's journey growing up and what drove led her to talk to Julie
[04:23] How Rachael applied and got accepted to Middlebury College Liberal Arts (MLA)
[07:08] How Julie was finally able to apply FAFSA for Rachael and pushed her settlement to after college
[09:34] Rachael benefits from Need Blind Tuition and grants at Middlebury college
[11:15] Rachael’s experience after her only parent passed at 19 and the support she got
[14:01] What happened to Rachael after college and the plan that was in place
[20:54] Rachael’s settlement and how the cheques reminded her of the loss
[25:48] How being broke from time to time helped Rachael learn the value of a dollar
[29:49] Financial maturity and where Rachael is on her journey to achieve it
[32:43] Rachael’s experience with the trust and asking for money
[35:59] Rachael’s advice to girls who’re in her shoes and those doing the planning
[39:41] Processing grief and what made it so hard for Rachael to grief properly
[41:16] What advice 30-year-old Rachael would give to the 20-year-old self
[42:32] Rachael’s goals now that she has been through the worst
[44:44] Julie’s perspective on preparing Annuitants for the range of emotions that come with settlements
Notable Quotes
- “Wether we like to admit it or not,Money kindof defines our life.” - Rachael.
- “Finding a community where you feel safe and supported is the most essential, loneliness and isolation is so dangerous.”- Rachael.
- “Being young and being forced to make a decision on money that doesn’t feel like yours, is a difficult position to be in.”- Rachael.
- Grief is an ongoing process.”- Rachael.
- “It’s okay not to know everything, don’t pressure yourself to be doing something specific.”- Rachael.
- “It’s important that we (settlement consultants) prepare annuitants for the range of emotions that they might feel towards the settlement.”- Julie Robinson, Ringler.
ABOUT:
To learn more about Julie Robinson, Ringler, visit her site here: https://ringlerassociates.com/consultants/julie-robinson/
