BRAINTREE, Mass. — What could be better than getting an Xbox or a new car for Christmas? For one 19-year-old Barre, Massachusetts, resident, the answer is a gift that will keep on giving.
Zachary Pearson became the ninth grand prize winner in the Massachusetts State Lottery's "$1,000 a Week for Life" instant game after he received lottery tickets for Christmas and used the winnings to purchase more, including the grand prize winner, according to the Massachusetts State Lottery.
The winning lottery ticket was purchased at Market Place on the Common, at 6 Moulton St. in Barre.
Pearson opted to receive his prize in payments of $1,000 a week for the rest of his life before tax withholdings rather than the $800,000 cash option. With a current life expectancy of more than 82 years for a male Pearson's age, according to a Social Security Administration calculator, he stands to reap around $3.3 million over his lifetime. There is a minimum 20-year guarantee on the prize.
According to the Massachusetts State Lottery, Pearson plans to use his winnings to pay for his college tuition and a new car.
There is still one more "$1,000 a Week for Life" grand prize left in the $2 instant game.
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A minimum of 20 years paid out? In California, it's a MAXimum of 25 years.
His prize works out to $72,000 annually before taxes - Nice win Zach Pearson!
If my state had an unlimited number of years to collect a "life prize" I would probably opt for the lifetime payout.
Congratulations Zachary E. Pearson!!! You are now the most handsome man in your town.
This is like having a middle class job{wage/salary}, without actually having to go to work, even for a second, in your life. Way to go, young fella.
If there was ever an ideal age in which to win the lottery, this is it.
when did we add more weeks to the calendar year? Last I recall we had 52 weeks in a year- thus equating to 52 payments of 1k each week. = 52,000$ .
None the less he is a winner and since each year the feds will get more over time, his weekly payout will go towards making someone great ...again...
Congrats to him and he was wise to take the annuity.
great to be that young and win a prize to last a lifetime.
and yes it's only 52k a year not 72k.
still not bad. I'd be happy!
Guaranteed 20 year payout, hummmm... wonder if they will stop the payments at that point?
I hope hes wise enough to set a side some of that money for a rainy day and further his education
What a great start to adult life for him. Even if he blows all his money one year, more will be there next!
Indeed. Better to take the $1K a week than the $800K lump sum payment that would have given him less money. I wish that we were all that lucky to get a $1K a week for life.
This time I'm an advocate for weekly payments. I'm not sure how they pay this back home. Some states pay out quarterly. One idiot on Mass. lottery Facebook said his payments stop after twenty years. Don't worry, this LP/MA lottery player set him straight. Another one wrote that he'd get $34K/year. Math isn't my forte so taking that post for face value, pardon the pun.
CONGRATULATIONS!!
Great Story I really hope he does what he says he's going to, That money won't last forever and he is very Young, hopfully he Makes some good Investments, Graduates College, Gets a Good Job and saves some for his retirement...
Good Luck & stay Safe Young Man