Lottery officials confirm Chubb workers as winners of $140M Mega Millions jackpot

Comment #25

justxploring — Sun, 22 Mar 2009 02:37:35 GMT

Whether or not someone wealthy chooses to continue working is often not influenced by money. The majority of us work because we have to, but many people enjoy their professions. The more you make, the more you can give away too.

Regarding the necessity to work if a person has $14 million (less tax) I think it's ludicrous to say it's not enough to live a very good life unless you are totally irresponsible. Most people won't earn that in a lifetime. Just give me $2 million and I'll show everyon... [ More ]

Comment #24

dopey7719 — Sun, 22 Mar 2009 02:10:01 GMT

I wonder how much they each put in the pot.

Comment #23

sirbrad — Sun, 22 Mar 2009 01:35:15 GMT

Yeah, I would be working on my golf game on the course that I own all day. Then putting on my indoor green all night.

Comment #22

bashley572 — Sat, 21 Mar 2009 22:09:09 GMT

Yes again I agree. My point is you can get the same satisfaction from many other things other than working. Most often its MORE rewarding.

Comment #21

JWBlue — Sat, 21 Mar 2009 15:19:13 GMT

I didn't say that I would sit at home on my a** and do nothing. I just said I would not work. I would take up hobbies, travel, manage my money, and do other things to keep myself occupied (strip clubs included).

There would be NO chance I would fall on my face.

Comment #20

OldSchoolPa — Sat, 21 Mar 2009 11:47:42 GMT

I actually agree with those who DECIDE to CONTINUE to do something workwise, whether that is continuing to hold down a JOB or starting/continuing a BUSINESS. Doing WORK keeps ones MIND constructively occupied; to just go on a permanent vacation likely would lead to ones demise through boredom, frivolous spending, drug use, excessive gambling, and the like. Unless one found a CONSTRUCTIVE hobby that OCCUPIED the majority of one's time each day, such things are likely to occur and no amount of one... [ More ]

Comment #19

naijaman — Sat, 21 Mar 2009 04:58:51 GMT

Retiring on $8.5 million is very easy, as long as you plan on living a comfortable life without going overboard. I mean, a 3% return alone would be more than $240,000 a year or $20,000 a month. If you can't survive on $20,000 a month (without lifting a finger to work for it), then you don't deserve the money in the first place.

Comment #18

JWBlue — Sat, 21 Mar 2009 03:25:11 GMT

I have no understanding of working after winning the lottery.

Brad Duke, who won $220 million in Powerball a few years ago STILL runs a business.

Permanent vacation for me.

Comment #17

bashley572 — Sat, 21 Mar 2009 00:10:59 GMT

I agree, plus there are MANY other ways to get the same satisfaction as working.

Comment #16

OldSchoolPa — Fri, 20 Mar 2009 16:49:05 GMT

What math did you use to arrive at that? NJ doesn't have a state tax, and the standard withholding for federal tax is 25 percent (of course I know they will ultimately have to pay more than that when they file their tax returns, but I am only talking about the amount the lottery will cut each check for when the money is made available.). So that is how I arrived at my figure. Dude.

Comment #15

ThatScaryChick — Fri, 20 Mar 2009 02:17:54 GMT

It's their lives, not mine. If they want to continue working that is up to them not anyone else. I would love to retire if I won, but some people like to work. I am sure a few of them will end up retiring anyways.

Comment #14

Fraserm — Fri, 20 Mar 2009 02:15:26 GMT

I would sure take 8.5 million cash. That's more than enough if you don't blow it. If you made 50,000 dollars a year for 40 years that would be 2 million before taxes. So how do you figure 8.5 million isn't enough ? A secure CD at 3.5 % would be almost 300,000 annually on the whole amount.

Even if you spent half of the money you would make 150,000 annually on the interest on the remainder.

8.5 million is more than enough.

Check yo'self before you wreck yo'self.

Comment #13

Piaceri — Thu, 19 Mar 2009 23:52:39 GMT

For young, healthy people, $8.5m is not enough to quit working unless you do not intend on spending any and you are pretty sure you can get income. In THIS economy, passive income earnings is not a good bet.

I don't find it fine for people to think once you win the lottery, you give up your right to work.

Comment #12

bashley572 — Thu, 19 Mar 2009 23:32:42 GMT

I don't find it fine for them to go back to work. In todays economy EVERY job is important and thats 10 jobs that could 'open' up for other people who need the job.

Comment #11

ricky p — Thu, 19 Mar 2009 23:05:09 GMT

Wrong dude. They will get less that. like 8.5 million.

Comment #10

OldSchoolPa — Thu, 19 Mar 2009 12:07:17 GMT

Wrong dude. The $140 million amount is the cash value prize amount (the annuitized jackpot amount was $212 million). So I calculate after federal taxes are withheld, each of the 10 will receive approximately $10.5 million.

Comment #9

OldSchoolPa — Thu, 19 Mar 2009 12:04:11 GMT

Well, the $212 million amount was the ANNUITIZED JACKPOT; the $140 million is the ACTUAL CASH VALUE. In NJ, when you purchase your MM ticket, you have to specify at that time if you want the annuitized amount ($$ received over 26 year span) or the lump sum cash value (give me all the cash RIGHT NOW). The person who purchased the ticket chose the lump sum amount. So no, they didn't lose any money and yes in both cases, federal income taxes will be withheld.

Comment #8

ambelamba — Thu, 19 Mar 2009 05:35:59 GMT

I think they are being smart. 10 people sharing $140 millions. Each people gets far less than $14 mil if he/she choose cash value.

Comment #7

Halle99 — Thu, 19 Mar 2009 04:54:20 GMT

Is it me or what? From $212 million to $140 million to what next....taxes yah right! this is really crazy...

Congrats to them again.

Comment #6

ThatScaryChick — Thu, 19 Mar 2009 04:15:02 GMT

All of the workers said that they are going back to work and they are not retiring. (Which I think is fine if they want to continue working.) But I wonder how many of them are going to change their minds and give their two weeks notice

Comment #5

Todd — Thu, 19 Mar 2009 01:01:51 GMT

No, the winners waited before officially redeeming their winning ticket. Their previous big press conference was not a lottery-sponsored event, and they did it a long time before redeeming the ticket.

Comment #4

djklaugh — Wed, 18 Mar 2009 23:15:32 GMT

I've also heard or read someplace that it can take a while for all states in a particular game to turn in their take for a given drawing. One piece said it can take up to 2 weeks for all states to turn in their receipts .. I guess it depends on the game and how big the jackpot was. Apparently the verification is not just proving the ticket is legit, that the winners don't owe any back taxes or child support, but also includes verifying exactly how much money was in the jackpot at the time the dr... [ More ]

Comment #3

Bradly_60 — Wed, 18 Mar 2009 22:40:27 GMT

The lottery doesn't buy the bonds until the prize is claimed and that is if they want the annuity. The players don't get the interest. I would assume the lottery gets to just collect the interest when it posts to the bank account that they use to keep the prize money in.

Brad

Comment #2

justxploring — Wed, 18 Mar 2009 19:33:27 GMT

I always thought it took about 2 weeks, which is why I wish we could remain anonymous in FL. Apparently these winners aren't too shaken up about getting their names/pictures in the news.

By the way, I believe that the winners always get the interest, but not sure. Can anyone confirm this? In other words, if you claim a prize after 6 months, does the payment include the interest accrued from the annuity during that period

Comment #1

hjones — Wed, 18 Mar 2009 19:14:28 GMT

Verification takes *that* long?? I thought these lucky folks won a couple of weeks ago.

Is the Lottery Commission going to pay them lost interest too

Lottery officials confirm Chubb workers as winners of $140M Mega Millions jackpot

Lottery Post — Wed, 18 Mar 2009 18:10:14 GMT

Winners will continue working for company

New Jersey State Lottery officials today confirmed that the 10 employees of Chubb Insurance who last week claimed the winning Mega Millions ticket would be awarded a total of roughly $140 million before taxes.

The 10 workers went on Friday to Lottery headquarters where there ticket was validated and they held a brief press conference.

All 10 of the workers have said that they will not retire but will return to Chubb Insurance in Whitehouse Stati... [ More ]