Michigan $42M lottery winner to claim jackpot today

Comment #9

DC81 — Sat, 11 Oct 2008 21:58:59 GMT

It is, it should be about 18.5M after the initial taxes. A smaller amount might be easier to manage but of course they're going to be paying state and federal taxes every year on it with the annuity and I'm sure those taxes will be going up, possibly by a significant margin.

Comment #8

dejack03 — Sat, 11 Oct 2008 19:18:11 GMT

The lump-sum payment in this case would be $26.3 million, after state and local taxes are deducted.

Anyone doubting this information? 26.3 mil sounds like the amount won BEFORE applicable taxes.

Comment #7

KY Floyd — Sat, 11 Oct 2008 18:35:01 GMT

The lotteries invest in government securities, which are as safe as can be. Even if the lottery itself could go bankrupt, the government will make the payments. Afterall, they can print as much money as they want to. The only question is what your payments will really be worth. If things got bad enough that the government printed money just to pay their debt the real value of the payments would decline slightly. Of course in that case, almost any investment would be worth far less.

Personally... [ More ]

Comment #6

MaddMike51 — Sat, 11 Oct 2008 17:18:45 GMT

On the other hand,who knows if the Mega Millions Lottery will make good investments?They could go broke by making bad investments and file for bankruptcy,leaving lottery winners that chose to take an annuity holding an empty bag.

Comment #5

JackpotWanna — Sat, 11 Oct 2008 12:12:36 GMT

good point.

Comment #4

MaddMike51 — Sat, 11 Oct 2008 04:01:03 GMT

Ordinairly I'd agree with you,but the way the economy is today,and I was younger,I think I'd take the annuity.I'd let the Mega Millions Lottery figure out how to invest the money and just send me a check every year.

Comment #3

ThatScaryChick — Fri, 10 Oct 2008 18:53:52 GMT

I wouldn't choose an annuity payment, especially the way the economy is. But I wasn't the winner, so I guess it really doesn't matter.

Comment #2

Timmer692002 — Fri, 10 Oct 2008 12:54:29 GMT

All I know is it wasn't me.

I live about 10 miles from the place

Comment #1

JackpotWanna — Fri, 10 Oct 2008 12:29:34 GMT

The winner may do something almost unheard of: receive the money in installments rather than getting a smaller, one-time cash payment. The lump-sum payment in this case would be $26.3 million, after state and local taxes are deducted.

Could turn into a wise plan. About $1.4 million a year is cool. WTG

Michigan $42M lottery winner to claim jackpot today

Lottery Post — Fri, 10 Oct 2008 12:02:38 GMT

Winner will take the full annuity payout

The owner of a winning $42 million Mega Millions ticket, sold at a Macomb County, Michigan, liquor store, is expected to show up at Lottery headquarters Friday to collect the fortune.

Lottery officials are being tight-lipped about the winner's identity, and won't even disclose if it's a man or a woman. The mystery person or persons will be revealed Friday at a news conference.

The winner may do something almost unheard of: receive the money in in... [ More ]