How do you take it

Reply #15

CASH Only — Mon, 13 Feb 2006 14:41:39 GMT

You'll never win. Not even in the coming Lose for Life.

Reply #14

Blackie — Sun, 12 Feb 2006 17:32:47 GMT

I should have said about 1600.00 a month for 30 yrs. I think.

Reply #13

Chewie — Sun, 12 Feb 2006 17:01:27 GMT

Remember, from a tax perspective, the state, city, county, and the Feds can always change the tax liability upwards. As the need increases, the temptation to do so increases. There isn't a state out there that will ever have enough money, and will always be looking for additional revenue. Once you choose annuity, it will always be annuity - unless you choose to sell it at a loss and pay even more taxes.

The Govenor of New Jersey has made three speechs about the state being financially ban... [ More ]

Reply #12

hypersoniq — Sun, 12 Feb 2006 16:47:30 GMT

Given a jackpot where the after tax prize is less than $20,000,000 I would not hesitate to take the cash because it can all be fdic insired in a CDARS account. Given my inexperience at managing anything greater than about 38,000 a year, however... these big jackpots make me wonder about the annuity. I would most certainly seek the advise of a financial planner before deciding.

I don't know about the high finance, but I see it like this...

using PB estimates for this coming saturday

scen... [ More ]

Reply #11

Greg — Sun, 12 Feb 2006 01:15:36 GMT

I've said this before so I'll say it again:

CASH !

IN A FLASH

Reply #10

weshar75 — Sun, 12 Feb 2006 00:39:28 GMT

I will take the Powerball jackpot in a lump sum or the cash option on monday.

Reply #9

DoubleDown — Sat, 11 Feb 2006 23:29:51 GMT

There should be no question of how to take it .

Take your cut Mr. Tax Man, but give me the rest all at once and I will do my own investing and buy my own annuities .

KRB03, you will likely see a reply very soon from CASH ONLY, one of our long time posters, and if I may be so bold , perhaps the biggest proponent in the world for NOT taking annuities.

Good luck and welcome aboard.....

DD

Reply #8

Chewie — Sat, 11 Feb 2006 22:12:06 GMT

Tell me I won $35M, then take away $22M. That would be devistating. Obviously you would need a trip around the world on a private jet to get over such a loss

Reply #7

mylollipop — Sat, 11 Feb 2006 21:51:14 GMT

Lump, Lump...I could win and kick the bucket the next day. Young and old alike die, that is certain. LUMP helps me enjoy before the final HUMP in the earth---that is if I don't choose cremation. LOL

Reply #6

Blackie — Sat, 11 Feb 2006 21:44:42 GMT

Hard to tell. Say you can take 1/2 mil now or 4,000 a month for 30 years / After the 30 years you would have about 998,000 but would you live that long if you are in your 50's now? 1/2 mil now would give you quite a few dollars now but would you spend it quick. The initial period would probably be spent paying off creditors and buying the things you might have wanted but after a while it would probably slow down and you would still have a good bit to play with. Of course there would be friends... [ More ]

Reply #5

KRB03 — Sat, 11 Feb 2006 21:17:32 GMT

thats with a $100 million (or did you mean $1 mil). It's just crazy..for example a woman in New Port Richey (actually and honestly was the mother of my Fiances mothers Fed Ex delivery man) had the single winning ticket for a $35 mil. jackpot. Her lump sum: $13 mil.(very nice amount..but still, you go from winning a $35 mil jackpot to taking home $13 mil

Reply #4

time*treat — Sat, 11 Feb 2006 20:13:24 GMT

Lump sum. Inflation is worse that taxes.

Reply #3

emilyg — Sat, 11 Feb 2006 20:00:06 GMT

installments

Reply #2

WorldWide777 — Sat, 11 Feb 2006 19:54:10 GMT

TAKE LUMP SUM! Interest rates for CD's are higher than they have been in a long time. You could get 7% interest or higher for a CD with $100M .....

Reply #1

fja — Sat, 11 Feb 2006 19:44:01 GMT

Lump sum for me! even after taxes I'll see more money than I have had....

How do you take it

KRB03 — Sat, 11 Feb 2006 17:10:02 GMT

How would you take your winnings/ In a one time cash out option or yearly installments. Depending on how much, but probably yearly. I dont know how it is in our stae, but in Florida taking a one time lump sum = 63.7% of taxes taken out?! Federal tax and lotto tax...you get enough $$ out of me through the year, your not screwing me out my millions