annuity payouts?

Reply #8

Guest — Thu, 26 Apr 2001 13:43:24 GMT

Thanks for clearing it up for me. So, you're saying that the jackpot is divided up evenly 26 times(for the amount of years the annuity matures). Thanks again........

Reply #7

Todd — Wed, 25 Apr 2001 23:15:57 GMT

That's $38,462 PER YEAR for 26 years! That's $2,615,416 PER YEAR for 26 years for the current jackpot!-Todd

Reply #6

Guest — Wed, 25 Apr 2001 19:11:48 GMT

First, thanks for replying so quickly. But, according to your figure, $38,462 is what I get before taxes, where did the $961,538 go of each $1,000,000.00? I thought that was the tax? At that rate, I'll end up oweing the gov't money. I shouldn't play these games. They will be my undoing. I should stick to women and booze! I won't win, but I'll have a much better time losing my money

Reply #5

Guest — Tue, 24 Apr 2001 23:33:56 GMT

True, most people get the cash, but the question was specifically about the annuity payout.

Reply #4

Guest — Tue, 24 Apr 2001 20:21:56 GMT

Todd- Your statement that someone will receive over 38k yearly per million applies ONLY if someone _does_not_ want the lump sum.

Reply #3

Todd — Tue, 24 Apr 2001 11:21:55 GMT

For every million dollars won in The Big Game, a winner will receive approximately $38,462 per year before taxes. That means that the least a Big Game jackpot winner will receive is $192,310 per year, based on the minimum $5 million jackpot.To put things in perspective, if there is a jackpot winner tonight ($58 million), the winner will receive $2,230,796 per year.-Todd

Reply #2

Guest — Sat, 21 Apr 2001 14:23:59 GMT

The formula for NY Lotto is: 2.5% the first year, 2.7% the second, and increasing by 0.1 point yearly until 5.1% in the 26th and final payment. I would avoid buying NY Lotto tickets because the prize return is a paltry 40% of sales; instead play the new Cool Cash scratch, where you can win free Lotto plays. The best multi-million dollar jackpot games bordering NY are New Jersey Pick-6 Lotto , Connecticut Classic Lotto , and, of course, Big Game and Powerball . (If you drive to Massachuset... [ More ]

Reply #1

Todd — Sat, 21 Apr 2001 14:22:53 GMT

I saw this broken out somewhere, but I can't remember where. If I'm able to track it down I'll post it.-Todd

annuity payouts?

Guest — Sat, 21 Apr 2001 13:09:12 GMT

If and when, I win the jackpot prize, how does the money allotment per year get figured out? Now, before you call me stupid, I'm from New York. The Lotto agency here bases the annual payouts on the winner getting $250000.00/yr on every $10 million dollars in the jackpot at the time of the drawing. So, if the jackpot in the New York lotto was $40 million, you would get $1 million the first year. They also said each year after that, the payout would increase $10,000/yr/$10 million. I'm not even ta... [ More ]