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New England states start new lottery game Thursday

Topic closed. 57 replies. Last post 5 years ago by JonnyBgood07.

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United States
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March 30, 2009
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Posted: March 13, 2012, 3:21 pm - IP Logged

Todd, you need to check your sources.  Most lotteries are paid by the state lottery agency where the winner bought the ticket, NOT a bank.  Also, the money for annuity payments in invested in US Bonds.  If the gov't goes broke, a likely scenario given the current path we're on, your annuity bonds are worthless and your payments will cease...

    Bigheadnick's avatar - badluck
    Taunton, Ma
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    Posted: March 13, 2012, 3:25 pm - IP Logged

     I just wish they offered a lump sum for the jackpot say 5 mill ? If you stretch 7,000/wk over 20 years(the standard annuity garantee), you get 7.28mil 65%(the standard lump sum percentage) of which would be 4,732,000. Round it off to an even 5mil -taxes. This would give the older folks more incentive to play. I think they're alienating a large % of the lotto players by not having a lump sum option.

    Scratchies for the win!

    We are in a two-party dictatorship. You want change ? Vote third partyThumbs Up


      United States
      Member #111442
      May 25, 2011
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      Posted: March 13, 2012, 3:29 pm - IP Logged

       I just wish they offered a lump sum for the jackpot say 5 mill ? If you stretch 7,000/wk over 20 years(the standard annuity garantee), you get 7.28mil 65%(the standard lump sum percentage) of which would be 4,732,000. Round it off to an even 5mil -taxes. This would give the older folks more incentive to play. I think they're alienating a large % of the lotto players by not having a lump sum option.

      I wonder if any lottery annuity could be sold to places like Peachtree or J.G. Wentworth for a lump sum? Some knowledgeable LP'er should  be

      responding soon.   Conehead

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        Delaware
        United States
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        July 1, 2010
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        Posted: March 13, 2012, 3:53 pm - IP Logged

        I wonder if any lottery annuity could be sold to places like Peachtree or J.G. Wentworth for a lump sum? Some knowledgeable LP'er should  be

        responding soon.   Conehead

        Yes, yes you can. http://www.jgwentworth.com/lottery/lotterywinnings.aspx


          United States
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          May 25, 2011
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          Posted: March 13, 2012, 3:57 pm - IP Logged

          I wonder if any lottery annuity could be sold to places like Peachtree or J.G. Wentworth for a lump sum? Some knowledgeable LP'er should  be

          responding soon.   Conehead

          Well I believe I just answered my own question. I contacted the MA lottery headquarters in Braintree, and was told that although "Lucky For Life"

          doe's not have the lump sum option for the jackpot prize, you could sell to third party buyers such as Peachtree. Problem is their pay rate is terrible.

          The rep I talked to indicated you may get only get about a third of what you would get for the 20 year annuity.   Crying


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            Posted: March 13, 2012, 3:59 pm - IP Logged

            Thank you CO!


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              March 25, 2011
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              Posted: March 13, 2012, 5:07 pm - IP Logged

              anyone over 50 should avoid this game. although it will keep your spending in check to a degree,(opposed to getting a lump sum and not being able to handle it) the 2.00 price tag and the degree of difficulty in actually hitting it would steer older players away. better off playing a 2.00 pik 5 game(5 out of 35 for 200k) seems more appealing and the odds are only 325,00-1 as opposed to this outrageous odds likelihood. the new game novelty will lure in many and the 1000.00 a day for life sounds good but  many will soon be frustrated with their lack of success with this one. just remember 365k a year x 20 is only 7,300,000. nothing to sneer at but for many on here it doesn't seem like enough since they won't even play the big games unless it is over 100m. i say pass on this one, unless you are under 40.

                mediabrat's avatar - 18z0typ
                upstate NY
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                March 31, 2011
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                Posted: March 13, 2012, 5:16 pm - IP Logged

                Media...let me share some light on the "cash now" mentality. You made great points on the taxes and inflation now and taxes down the road issues....Here's some more food for thought....At 35% tax rate as of right now ??....my taxes are all done, finished without any chance of increase at all over then next 29 years. The only tax I pay is on the interest I make in the future on the multi millions in my current possession that I have invested.
                     I can buy my houses, cars, vacation homes, land, gold, silver, loose cash, guns, a storage or living bunker, long term food supplies, jewelry, hobby stuff or anything I want RIGHT NOW or within a few weeks/ months of the big payday. NO or little inflation involved during that time.... If I wait and do the "annuity" over time, like you pointed out, inflation,market demand,booming economy,production costs will definitely go up in the future.
                      If you took the annuity and the pay out was 2 million over 29 years.(just an example)..out of 2 million the feds get 35% now leaving you with 1.3 million.. If you have to take state taxes out as well, from that 2 million and a nice house and cars and what I described above it could all be easily wiped out leaving you short, waiting for another year and the next big annuity check....SEE what I mean...Like J.G. Wentworth commercials say, " It's my money and I want it now". Also the Boys Scouts have a pretty good motto with "be prepared".
                    While we cant predict the future in 2-10-29 years, we can say with certainty that cars aren't getting cheaper, houses built are not going to cheaper and numerous other BIG DOLLAR products won't be less expensive down the road. If I get the big stuff(purchases & taxes) out of the way now...then purchasing the smaller stuff in the future won't be a big deal if "sh*t does hit the fan"..... Just my humble opinion

                I still disagree about the taxes, though.  Sure, you'd only be paying taxes on the interest going forward, but if taxes go up, you're still paying the higher rate, just on a smaller amount.  And if you need to tap into the principal for some reason, they'll hit you for that with the higher rate.  Granted, I'm no expert and I'm only playing around with the numbers in my head.  Maybe the picture would be clearer if I sat down and actually wrote out the numbers and ran a few scenarios.

                The "I want my money now because I plan on splashing out so big that I need more than a year's worth upfront" argument is one I can get behind.  That and the "I think I can do a better job of investing this than the lottery can" argument sound perfectly valid to me, and are probably the only two that ring true.

                It's still my preference, though, to opt for the annuity.  Personally, I think I'd be better off receiving a jackpot over time rather than all at once.  If everyone else wants the lump sum, go for it.

                  Cletu$2's avatar - Lottery-050.jpg
                  S.E.Iowa
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                  December 21, 2011
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                  Posted: March 13, 2012, 5:23 pm - IP Logged

                  I still disagree about the taxes, though.  Sure, you'd only be paying taxes on the interest going forward, but if taxes go up, you're still paying the higher rate, just on a smaller amount.  And if you need to tap into the principal for some reason, they'll hit you for that with the higher rate.  Granted, I'm no expert and I'm only playing around with the numbers in my head.  Maybe the picture would be clearer if I sat down and actually wrote out the numbers and ran a few scenarios.

                  The "I want my money now because I plan on splashing out so big that I need more than a year's worth upfront" argument is one I can get behind.  That and the "I think I can do a better job of investing this than the lottery can" argument sound perfectly valid to me, and are probably the only two that ring true.

                  It's still my preference, though, to opt for the annuity.  Personally, I think I'd be better off receiving a jackpot over time rather than all at once.  If everyone else wants the lump sum, go for it.

                  Just curious,what age group are you in?

                  When I was a boy I was told that anybody could become President; I'm beginning to believe it. ~Clarence Darrow

                  There ought to be one day - just one - when there is open season on senators. ~Will Rogers

                    ressuccess's avatar - Lottery-043.jpg

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                    Posted: March 13, 2012, 5:25 pm - IP Logged

                    Good luck to the people playing this new game.

                      Bigheadnick's avatar - badluck
                      Taunton, Ma
                      United States
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                      February 11, 2012
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                      Posted: March 13, 2012, 5:34 pm - IP Logged

                      anyone over 50 should avoid this game. although it will keep your spending in check to a degree,(opposed to getting a lump sum and not being able to handle it) the 2.00 price tag and the degree of difficulty in actually hitting it would steer older players away. better off playing a 2.00 pik 5 game(5 out of 35 for 200k) seems more appealing and the odds are only 325,00-1 as opposed to this outrageous odds likelihood. the new game novelty will lure in many and the 1000.00 a day for life sounds good but  many will soon be frustrated with their lack of success with this one. just remember 365k a year x 20 is only 7,300,000. nothing to sneer at but for many on here it doesn't seem like enough since they won't even play the big games unless it is over 100m. i say pass on this one, unless you are under 40.

                      I Agree! even if you can sell the payments to a 3rd party and even if u can get a better rate than u were quoted Mac, It just doesn't seem likely to be worth the trouble for older folks when there are other options out there. The only redeeming quality for this game to an elderly person is the better odds. You add a lump sum and you keep all of those players. Without it, there won't be many who play. I myself will stay away not because of my age (im only 31) but because there is no garantee we won't destroy ourselves within 20 years nevermind if the state can remain fiscally responsible enough to make good on all the payments.

                      Scratchies for the win!

                      We are in a two-party dictatorship. You want change ? Vote third partyThumbs Up

                        Guru101's avatar - rw6jhh
                        Indiana
                        United States
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                        January 7, 2007
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                        Posted: March 13, 2012, 6:43 pm - IP Logged

                        Man, I wish Indiana would join a multi-state game. I hope we join Decades of Dollars.

                        Gonna win.Big Smile


                          United States
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                          Posted: March 13, 2012, 7:00 pm - IP Logged

                          I Agree! even if you can sell the payments to a 3rd party and even if u can get a better rate than u were quoted Mac, It just doesn't seem likely to be worth the trouble for older folks when there are other options out there. The only redeeming quality for this game to an elderly person is the better odds. You add a lump sum and you keep all of those players. Without it, there won't be many who play. I myself will stay away not because of my age (im only 31) but because there is no garantee we won't destroy ourselves within 20 years nevermind if the state can remain fiscally responsible enough to make good on all the payments.

                          I guess my take on it would be young or old, a win is a win, no matter what the game. Perhaps it's the allure of a new game, also because it's not

                          one of the "BIG GAMES", or the "small" jackpot single state games. Kinda of like the Goldilock's of games for me.......just right!    Hippy

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                            charlotte, nc
                            United States
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                            March 26, 2011
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                            Posted: March 13, 2012, 7:03 pm - IP Logged

                            This should be nice, however i feel like the lottery need to get off this $2 wager this is more money in their pockets the powerball hooped and hollered oh their are going to be more winners.

                            We need to get rid of the powerball all together their is still 1 winner everytime the jackpot is won and i noticed rhode island won again thsi recent powerball win the lottery is set up i'm convinced.


                              United States
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                              Posted: March 13, 2012, 7:27 pm - IP Logged

                              This should be nice, however i feel like the lottery need to get off this $2 wager this is more money in their pockets the powerball hooped and hollered oh their are going to be more winners.

                              We need to get rid of the powerball all together their is still 1 winner everytime the jackpot is won and i noticed rhode island won again thsi recent powerball win the lottery is set up i'm convinced.

                              total nonsensical to believe that a certain state or region is "set up" to win these things. it is the numbers that you either pick yourself no matter where you live, or if you trust a random generator or a patels fingers to time your quick pik (a non-compelling way to play) it is not slanted to the northeast or anywhere else. just plain coincidence or more people playing in a certain region that determines winners. if you want more winners lobby to have the field size of numbers reduced. there are too many which leads to there only being one winner every 6 or 7 weeks or so.