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Lucky For Life

Topic closed. 5 replies. Last post 9 years ago by sirbrad.

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sirbrad's avatar - Lottery-062.jpg
PA
United States
Member #22983
October 6, 2005
2010 Posts
Offline
Posted: October 7, 2005, 2:26 am - IP Logged

I know many do not like this game due to the small payouts, and annuity. But I could not believe it when I found out they don't even pay you $3,000 a month, or even $36,000 annually. After taxes it actually comes to about $27,000 annually, or $2250,00 per month. I have matched 4 out of 6 numbers 3 times so far out of about 100 plays. I was pretty upset to only receive $40 for matching 4 out of 6. Although I could live off of that much a month, and am now, it would not be all that great. I believe they should raise the prize to at least $5,000 per month for life, and even better "after taxes."

 

 

From lottery headquarters:

"The LUCKY FOR LIFE LOTTO jackpot prize -- $3, 000 a month for life --
is BEFORE taxes.  LUCKY FOR LIFE top prizes are paid in annual
installments of $36,000, less federal withholding, which currently is 25
percent.

That is a for-life prize, as the name of the game suggests so you would
continue to received annual payments for as long as you live.  However:

When you win the LUCKY FOR LIFE LOTTO top prize, we require that you
complete a beneficiary form that designates to whom your remaining
annuity payments go, should you be unable to collect a minimun of 30 years'
worth of installments ($1,080,000).  Lottery places this form on file;
you may change your beneficiary (or beneficiaries) at any time.  The
beneficiary (or beneficiaries) then receives any and all remaining annuity
payments -- up to and including $1,080,000 -- due to the winner's
untimely death.  A beneficiary statement supercedes a will regarding Lottery
annuity payments.

For tax information, please contact either the Department of Revenue or
your local tax preparer.  There are no state or local taxes charged to
Pennsylvania residents on Pennsylvania Lottery winnings."

    four4me's avatar - gate1
    MD
    United States
    Member #1701
    June 18, 2003
    7869 Posts
    Offline
    Posted: October 7, 2005, 3:53 am - IP Logged

    show me where you can for a buck turn a 1 dollar investment and net 270,000 in ten years and i'll empty my bank account.

    27,000 a year supplemental income can buy a really nice house. And a new vehicle every 3 to 5 yrs.

    Not to include a nest egg if you know how to invest the money. It all depends on how you look at it. Seems like everybody wants to win a lottery game and be set for life. I'm sure they looked at the overall projection the amount of dollars they might have to pay in the long run. I don't think they made the game easy to win so that everybody in PA could win and retire early.

    A working person who wins that game can definitely find ways to spend it on all kinds of things. Have the best holidays and vacations 27 grand could buy.

     

      sirbrad's avatar - Lottery-062.jpg
      PA
      United States
      Member #22983
      October 6, 2005
      2010 Posts
      Offline
      Posted: October 7, 2005, 4:58 am - IP Logged

      Hey I would take it, just minus work alone would suffice. $2 though does influence me to not play frequently however. I was simply saying that with the high expectations of the larger jackpots out there, these smaller ones tend to get over-shadowed a lot. I still play it personally, and would have no problem collecting the dough, and maximizing it's potential. But I know some here are not satisfied with the game. If it was $1 I would definitely play more.

        four4me's avatar - gate1
        MD
        United States
        Member #1701
        June 18, 2003
        7869 Posts
        Offline
        Posted: October 7, 2005, 10:41 am - IP Logged

        If I lived closer to the Pa line I would buy one ticket for every draw no matter what. I'd probably play the same numbers every day unless they drew the same or similar numbers in the last draw. Here's how I look at it. I used to hit the soda machines every day buying as many as 5 sodas a day. I stopped drinking so many sodas now I buy lottery tickets with that money.

        I think of the lottery as an investment even though I might never reap the big return, I know my money is going to some cause. While here in MD I'm not tickled that proceeds from the mega mill sales go to the stadium authority. (we paid three times for those stadiums with our tax dollars) yet they continue to strip Marylanders for their donated dollars. I'd give anything to know just how that money is spent. I still buy them because of the awesome possibility that I might win one of the top tier prizes.

        Many state games like Win For Life and such were voted on by peoples of that state. Or a poll was conducted and or the people requested it. As was the case in PA. The people of PA requested the game and they got what they wanted. It's the peoples fault for not asking for a larger prize pool. Apparently the people were happy with the payout because they didn't protest it. In the future PA might up the anti. If the cost of living goes through the roof. Or people complain that the game isn't worth the money spent to try and win an almost impossible dream.

         

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          United States
          Member #119
          February 19, 2002
          526 Posts
          Offline
          Posted: October 8, 2005, 2:30 pm - IP Logged

          Although I think LFL's prize structure is bad, having gotten 4/6 numbers 4 times in the last year and a half, I think Lucky for Life is a beatable game.  And I'm determined to get 6/6, soon I hope!

          Who's with me?

          :-)

          By the way you PA lottery execs reading this, bring us a 10-20-80 KENO game.  What are you you afraid of?  Who wants to pay for gas to drive to Atlantic City to play?  After all, look at how many states now have the popular scratch-off Texas Hold 'Em?  Don't wait for the trend, START IT WITH KENO!

            sirbrad's avatar - Lottery-062.jpg
            PA
            United States
            Member #22983
            October 6, 2005
            2010 Posts
            Offline
            Posted: October 11, 2005, 1:39 am - IP Logged

            I emailed PA state lottery asking them if they will ever raise the jackpot prize value, or make any other changes with the game. Personally I like the game, and I like only 38 balls. I have macthed 4 of 6 about 4 times or so, and the pay out was indeed pathetic, ($40) but at least got some of my money back, and more money to give them right back in following weeks.

             

            But I think that the cost of inflation would present a lot of problems with only $2250 a month in the future. Probably even less than that. Unless one chose to continue to work, and invested it all. But who really wants to do that after beating such high odds? Not me. I want to be able to use the money for my own business, but not "have to" just to keep living a decent lifestyle. Because the lifestyle that we create today with that kind of money, we will not be able to support it 10-20 years from now.

             

            Which would mean going back to work, thus defeating the entire purpose of winning an astronomically high odds jackpot. You would have to spend the principle just to survive, as $27,000 a year would not genrate enough interest monthly. Unless you could find a very high interest bearing account. What is the highest interest out there? What would YOU do if you won, and how would you make $2200 a month last a lifetime?