A North Carolina woman tried her luck on a $50 scratch-off and won the $8 million top prize that she will collect in $400,000 annual payments for 20 years.
Latonya Rayford of Charlotte bought her lucky $8 Million Money Maker ticket from the BP Food Mart on West Sugar Creek Road in Charlotte.
When Rayford arrived at lottery headquarters Monday to collect her winnings, she had a decision to make. She could choose to receive her prize as an annuity of $400,000 a year over 20 years or a lump sum of $4.8 million.
Rayford chose the annuity of $400,000 and received the first of her 20 payments on Monday. After required state and federal tax withholdings, she took home $287,014. For the next 19 years, she'll get a check for $400,000 until the full $8 million prize is paid.
The $8 Million Money Maker game debuted in December with five top prizes of $8 million and 10 prizes of $100,000. Three $8 million prizes and seven $100,000 prizes remain to be claimed.
Am very Proud of her Decision $400,000 per year for 20 years is like being on Vacation for 20 years. If you are happy with your annuity then take it. It won't stop you from making investments just that never use your money to fund any investment lol congratulations 🎈🎉🍾🎊
Congratulations to her.
Wonder how old she is? 20 or so years ago before researching annual payments tax liability, I'd have taken annual payments too. Now I'm older and wiser that idea is gone---plus none of my plays have that option!
KUDOS to her!! Congrats!!
I would do the same thing, dont need to make big decisions with lots of money and ppl targets you!!
This is very much manageable, bc if I should ever win such large amount of money, I too will take annual payments and place monies in a TRUST.
God bless her!
* Agreed. Should she screw up in her first year with her $400K via bad investments or decisions, she has 19 more years to get it right!.
Smart lady. This is what I'm gonna do if I get lucky. I wish I could hear from someone took annunity payments. I gotta Lotta questions........
Enough money to be happy, not so much that everyone and their brother can beg you to tears for a "loan". And if they do, you just pull out the inflation card..."Sorry, but I never get a raise and twenty years from now, I'll be lucky if this money buys half of what it used to."
congrats to her lucky too first time wow
Very smart decision. Congratulations!!
@bluedog101 She is 53 years old