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Grand Plans for $2.5 Million Lotto Winner

Jan 3, 2004, 8:11 am

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Washington LotteryWashington Lottery: Grand Plans for $2.5 Million Lotto Winner

Issaquah woman looks forward to normal routine-with a lot of extras

Janette Bowe of Issaquah, Washington wants life to continue to be "as normal as possible, but with a lot of extras."  Winning a $2.5 million Lotto Jackpot, could mean the "extras" will become a normal part of Bowe's life, too.

College education for Bowe's three children tops the list of extras.  New automobiles, a new home, and a family trip to the Grand Canyon are also in the plans.

"We're a very close family, and we love to travel together," Bowe said.

Bowe, 44, chose the Annuity Option for her $2.5 million Lotto prize and collected the first of 25 annual payments today in the Lottery's Seattle office.  Bowe took home her first check for $75,000 today, after 25-percent Federal withholding tax.  Bowe says she and her husband will continue to work and applications for college scholarships will still be sent.

"Our kids need to see us working.  We want this to be a blessing," Bowe said. "It is life changing, but we don't want ourselves or our children to take anything for granted. It's exciting because it opens up so many possibilities.  The annuity option provides us an annual payment until we reach age 69 or 70, so it allows us to save for retirement.  One of our daughters begins college next year.  This will free up options there, too."

Bowe purchased her winning Lotto ticket at Hani's AM/PM in Bellevue, which will receive a Retailer Selling Bonus equal to 1-percent of the Jackpot amount ($25,000) for selling the winning ticket.  Bowe's Lotto ticket matched all six winning Lotto numbers for the Lottery's Wednesday, December 17, drawing-5, 19, 22, 24, 29, and 43.

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3 comments. Last comment 17 years ago by hypersoniq.
Page 1 of 1

United States
Member #379
June 5, 2002
11296 Posts
Offline
Posted: January 3, 2004, 8:17 am - IP Logged

Are they saying they would NOT


    United States
    Member #1759
    June 29, 2003
    1156 Posts
    Offline
    Posted: January 3, 2004, 1:46 pm - IP Logged

    Smart People seems like there are plenty of players out there that believe in taking "Annuity" payments.I don't believe that's what they meant because it's quite obvious they could retire with a "Lump Sum" they probably like the idea of having a yearly check that way they can structure how they want to use the money and know that plenty more are coming for the next 25 yrs.With the lump sum they might be more tempted to do things with the money they don't really need to like get carried away with spending.But whatever the case I'm quite sure they thought about it and decided "Annuity" was the best option for them.

      hypersoniq's avatar - binary
      Pennsylvania
      United States
      Member #1340
      April 6, 2003
      2450 Posts
      Offline
      Posted: January 3, 2004, 3:50 pm - IP Logged

      you could always buy your own smaller annuity after the fact, AND shop around for better rates to boot... if you don't think you could trust yourself.

      Alot of people dismiss planning on what you would do with a few million as "dreaming"... I prefer to think of it as proper preparation... IF I were ever to win big, I AM ready... I figured out a long-term plan based on the powerball jackpot @ $10M (lowest amount) with 2 winners... anything else is just icing on the cake ;-)... Excel makes it easy to run multiple what-if scenarios based on fluctuating jackpots, but a sound pre-plan is flexible enough to accomodate ANY amount (over the base threshhold).

      To each their own, but for me, annuity is definitely NOT an option ;-)

      Playing more than one ticket per game is betting against yourself.