Did Michigan just lower their cash payouts?

Reply #2

Think — Wed, 02 Aug 2023 13:37:59 GMT

I forgot that there are people on here that clearly do not understand annuities.

The Michigan annuity prizes pay out 33,333.33 per year for 30 years per million dollar prize.

The annuity is now funded with a lower cash value!

I do not believe they made the change based on interest rates but maybe they only increased the cash amount for their 50th anniversary celebration.

They are always making changes and not telling the players so I can only speculate.

My point being Michiga... [ More ]

Reply #1

JustMaybe — Tue, 01 Aug 2023 19:34:40 GMT

Do you think it has something to do with the fluctuating interest rates?

They probably prefer to err on the cautious side than promise something that they can't deliver.

Did Michigan just lower their cash payouts?

Think — Tue, 01 Aug 2023 19:00:22 GMT

Michigan, which was recently listed as one of the bottom states for payout percentages, seems to have lowered their cash payouts on the annuitys. Awhile ago they paid $654,266 cash on a million annuity. Then it went down to $634,517. It was upped a year or two ago to $693542 but according to this posting-

https://milotteryconnect.com/2023/07/31/traverse-city-woman-wins-1-million-playing-michigan-lotterys-diamond-wild-time-instant-game/

-it appears that it has been set back to $634,517..... [ More ]