If you won big - would you take the cash option or annuity?

Reply #38

Karen Nathan — Tue, 04 May 2021 18:56:12 GMT

I remember it being said if the Lottery ever has something REALLY bad happen to it, your money if you choose an Annuity could go poof... Scary stuff...

Reply #37

dkwillis2000 — Tue, 04 May 2021 18:50:41 GMT

Cash option--who wants to deal with the tax issues every single year--and as taxes increase--your income would reduce. Supposed to be a lottery not a losery

Reply #36

HaveABall — Sat, 01 May 2021 19:29:53 GMT

Whoops, typo, I meant within 12 years (at ETF's annualized interest rate of 10% and all interest always reinvested).

Reply #35

HaveABall — Sat, 01 May 2021 05:10:19 GMT

The only option for me would be claiming the lump sum cash. First because I want to move to a zero income tax and death tax state. So, I don't want to have to fill out two different state income tax returns for the next 30 years. Second, I think all jackpot winners should change their residence address after they receive the lump sum check from the Lottery headquarters. Third, as most of the caring members here have exhorted, pretty much anyone can build their investments up to the the jackpot t... [ More ]

Reply #34

Stat$talker — Fri, 30 Apr 2021 12:26:50 GMT

Being unprepared for Freeloaders ,combined with having a guilty conscience for winning, I think causes winners to feel somewhat obligated to share with Family friends..

My stance on whether to be generous or not wouldn't be hard to figure out on a case by case basis..if you're family?, and I haven't seen or heard from you in yrs?..I wouldn't need you to sign anything... I know how to make plenty use of the word.. NO ...!!

Real friends don't change on you, only opportunist do..!! Thinking... [ More ]

Reply #33

Karen Nathan — Fri, 30 Apr 2021 10:58:23 GMT

I remember People saying that Lottery Winners should get Friends and Family to SIGN Contracts stating that they FULLY understand any money given is a ONE time only gift..... Smart idea.

Reply #32

Coin Toss — Thu, 29 Apr 2021 19:14:39 GMT

I forget who it was but someone here on LP had a sig that said

You can always buy a better annuity

Reply #31

CDanaT — Thu, 29 Apr 2021 13:55:14 GMT

Having family come out of the woodwork shouldn't be that hard to address. Yes, I am fully aware of the jealousy aspect that some could easily adopt. No thank you can and probably should be initially put out there on a regular basis to send a message. That initial sharing that one does with family/friends might need a strong reiteration from the legal representative to make sure they fully understand that this is a 1 time only gift and not a revolving door for requests over their lifetime.

Inv... [ More ]

Reply #30

wander73 — Thu, 29 Apr 2021 13:09:33 GMT

At the time, I wasn't thinking about a long lost sister part. It cracked me up and then it kind of shocked me. Majority of the money would go to a stock or two. Some don't do that. My friend has stocks and knows what is good. He has money going into his acct every so often. He is happy. Sad part is most Americans don't do that.

I will say that the news is false , fake, not going to get into that but if people don't realize what they're finances is then forget it.... [ More ]

Reply #29

Karen Nathan — Thu, 29 Apr 2021 08:06:47 GMT

I remember hearing it should be the opposite.... A man who is say 21 when he wins would want to take the lump sum and live up his life and have big fun with his Winnings, i.e, traveling to exotic places, buying expensive food, flashy clothing and Jewelry, fancy cars, gambling, fancy houses, Alcohol, etc, and say a man who is 51 would want the Annuity since he most likely has Children and even Grandchildren and a Wife and would want to provide for them and would most likely be over the Fun, thing... [ More ]

Reply #28

s5thomps — Thu, 29 Apr 2021 05:49:53 GMT

I think a lot has to do with the amount of the Jackpot and the age at which someone is if they are lucky enough to win. If it was a huge Jackpot 100 million or more and I was in my early twenties I would go with the annuity. Even after 30 a year annuity one would be in their early fifties with plenty of life yet to live and should be set for life as long as one spends and invests wisely.

Reply #27

Coin Toss — Wed, 28 Apr 2021 23:02:41 GMT

Very popular topic

Search | Lottery Post

Reply #26

noise-gate — Wed, 28 Apr 2021 18:34:28 GMT

Rcb, l got Bob's point, but tilted the issue at hand back to mpv.Nevertheless, I will adapt- time for plan B.

Reply #25

rcbbuckeye — Wed, 28 Apr 2021 16:37:51 GMT

Noise,

I think Bob was saying he was looking for info on parasites and now where ever he goes on the internet he's getting ads following him around for remedies for parasites.

I get the same thing. I look up a product on the internet and then ads pop up chasing me like a dog.

I don't think he was knocking you.

Someone has downgraded some of my comments. Personally, I don't give a flying F...if someone gets his kicks doing that, he's the one with a problem.

They're trying to get... [ More ]

Reply #24

noise-gate — Wed, 28 Apr 2021 15:20:56 GMT

Bob- l have no problem with people disagreeing with me, nor am l under the illusion that everyone has to like me, but come on! This is a discussion forum, so let's discuss, if you have nothing to add, then stand on the sidelines and observe. This behavior is similar to saying why don't you shut up or stick your opinion .. you know where. l guess the saying is true not everyone wants to grow up.

Peace.

Reply #23

Karen Nathan — Wed, 28 Apr 2021 14:20:08 GMT

Reminds me of when some Multimillionaire died with no children and some random Woman claimed she was his neice and had Rights to a cut of his money... He was also an ONLY Child! She was denied a cut of his money.... LMAO! :D

Reply #22

BobP — Wed, 28 Apr 2021 05:52:35 GMT

You ought to see what follows me around on LP. Think'n one of the cats may have a worm I search for parasites, now ads for parasite cures follow me like the plague, ugh!! Be careful what you search for.

As to what to wish for, twenty years ago I'd have taken the annuity, these days the cash.

BobP

Reply #21

noise-gate — Wed, 28 Apr 2021 01:41:21 GMT

..The only option! As the saying goes Empty vessels make the most noise.

Reply #20

CDanaT — Tue, 27 Apr 2021 14:25:52 GMT

Kenny.....Gotta stay with the cash...I would be too old to enjoy those last 7-10 big checks, want to give family/close friends their cut now and I don't even want to know what the Fed taxes will be in 10-20-25 yrs from now.

Stat$talker-----Actually the life expectancy in the USA was recently put out through the combo of the CDC,Census Bureau and Dept of Health and the summary goes like this:

Asian: 86.3 yrs.......Hispanic 79.9 yrs....Native Am 78.4 yrs...Caucasion 78 yrs...Afr Am *72yrs... [ More ]

Reply #19

wander73 — Tue, 27 Apr 2021 13:57:16 GMT

Take the cash.

Annuity. what will the interest rate be? Here is something else, let's say you have a relative or family that dies, someone calls you and your lost sister or something. It happened to my uncle. Right after my dad died, she wasn't related, claimed she had same last name as my gma. I was shocked but was like no way.

My gpa never had anyone else but my gma, they didn't engage, they went right to marriage, 4 boys, 49 yrs marriage.

I questioned my mom, I asked her di... [ More ]

Reply #18

Unlucky-Kenny — Tue, 27 Apr 2021 04:02:06 GMT

Very similar to the points I made but their minds were set - I ain't getting paid to change them so I let it go

haha

Reply #17

KY Floyd — Tue, 27 Apr 2021 03:11:08 GMT

so they can't access the lump sum

You can always access the lump sum unless you invest it all in something nobody else wants to buy. The only questions are how easy it will be and how much you'll lose by turning it into cash.

Especially with the very low interest rates funding the annuity right now I can't see any financial benefit to taking the annuity a nd being locked into those low rates. If you take the cash now and rates go up in the future you can invest at those higher rates. Righ... [ More ]

Reply #16

GoogilyMoogily — Mon, 26 Apr 2021 22:36:57 GMT

Cash without any doubts.

Lawyer up to protect your new found wealth from every frivolous lawsuit or frivolous friend or family member that suddenly realizes you exist.

Lawyer up to protect you from yourself with rules about never dipping into principal for example.

Don't go for lotto lawyers, obviously.

Two well established estate law firms with a double blind trust is what I understand is your best bet.

Reply #15

rcbbuckeye — Mon, 26 Apr 2021 20:39:39 GMT

I have to agree with that noise-gate. It's rather childish.

Reply #14

rcbbuckeye — Mon, 26 Apr 2021 20:38:21 GMT

I can tell you from my wife's experience that you can be totally healthy one day, and the next day you're fighting for your life.

We are not promised tomorrow.

Reply #13

noise-gate — Mon, 26 Apr 2021 18:13:51 GMT

Right, what beats me is trollers who are constantly following me around with a hard on grading my every post. You know who you are, good advice: you ought to get a life, get a girlfriend or a boyfriend, or both. Swing in either direction, perhaps that will satisfy your perverted needs.

Reply #12

Unlucky-Kenny — Mon, 26 Apr 2021 03:14:32 GMT

Looks like it beats tempurpedic memory foam to me

Reply #11

Unlucky-Kenny — Mon, 26 Apr 2021 03:14:29 GMT

LOL

Reply #10

noise-gate — Mon, 26 Apr 2021 03:11:19 GMT

Does this look like an annuity to you? This is my final answer, Kenny.

Reply #9

weshar75 — Mon, 26 Apr 2021 03:05:58 GMT

When I won on my $8 winnings I decided on cash option at the store no annuity for me this time and got my $8 in winnings right up front so I will be doing that same for my big jackpot if it ever comes my way.-weshar75

Reply #8

Unlucky-Kenny — Mon, 26 Apr 2021 01:46:57 GMT

Cash is King I agree -

I hope to be the king of cash but all I seem to be the king of is....

Reply #7

MADDOG10 — Mon, 26 Apr 2021 00:17:30 GMT

Cash without a doubt. You can make more on your own investing than what the

Lottery pays out in dividends. If you have the right team working for you, you'll be

able to double or better over what the Lottery pays for using your money.

Reply #6

sully16 — Mon, 26 Apr 2021 00:10:18 GMT

Cash is King

Reply #5

Stat$talker — Sun, 25 Apr 2021 23:55:47 GMT

Whadda you worried about?... Today's Life expectancy is around 87-92 yrs young..!!

But then again,... Today's Generational kids would probably bump you off for it...

Remember the Mendes brothers?...

Reply #4

rcbbuckeye — Sun, 25 Apr 2021 23:03:34 GMT

Cash.

At my age my life will run out before the money. My kids can have/fight over the rest.

Unless you are VERY trusting, there could be a time with the way the world/economy is going that the annuity would not be completely paid. What could/would a person do to get the rest? Pay a lawyer to help you.....hmmmmm.

Give me the cash.

An annuity might be a good idea for someone in their 20's or 30's to avoid the possibility of blowing all the money at once.

I'll be 67 next month. Gi... [ More ]

Reply #3

LiveInGreenBay — Sun, 25 Apr 2021 21:28:09 GMT

I chose the cash option. As they say, a bird in the hand is worth two in the bush. The government can't keep printing trillions and trillions of dollars without consequences. If things come crashing down, the first thing that will go are lottery payments. IMO

Reply #2

Ranett — Sun, 25 Apr 2021 21:21:26 GMT

Depends on the amount won. I'm more apt to take the cash prize, especially the smaller prizes. 1 million spread out over 30 years or all at once, I'll take the cash on that one. Whereas 100 million over 30 years or let's say 70 million at once, I might have to think about that one (more likely cash anyways).

Reply #1

Stat$talker — Sun, 25 Apr 2021 21:14:56 GMT

That's REAL EASY...

HARD COLD CASH...

If you won big - would you take the cash option or annuity?

Unlucky-Kenny — Sun, 25 Apr 2021 20:32:19 GMT

I was curious to see what people would pick - I would have thought most would pick the cash option - control your investments, etc.

However, I talked with a few people I know this last week and was surprised how many would prefer the annuity to have structured payments so they can't access the lump sum vs a trust.

What do you think