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cash vs. annuity

Topic closed. 267 replies. Last post 11 years ago by CASH Only.

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if you won a jackpot,pick lump sum cash or annuity

i'd pick lumo sum cash [ 82 ]  [73.21%]
i'd pick annuity [ 22 ]  [19.64%]
undecided [ 8 ]  [7.14%]
Total Valid Votes [ 112 ]  
Discarded Votes [ 7 ]  
emilyg's avatar - cat anm.gif

United States
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November 9, 2001
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Posted: March 19, 2005, 7:15 pm - IP Logged

 

                        yes    $$$$

love to nibble those micey feet.

 

                             

    bellyache's avatar - 64x64a9wg

    United States
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    March 18, 2005
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    Posted: March 19, 2005, 9:20 pm - IP Logged

    I would choose a lump sum of annuity, but that seems to be the majority choice as well. It seems like the smarter thing to do. That way you can invest in programs of your choice and live off the interest.

    Dance like no one is watching.

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      Roslindale, MA
      United States
      Member #5377
      July 1, 2004
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      Posted: March 20, 2005, 10:23 am - IP Logged
      Quote: Originally posted by LOTTOMIKE on March 19, 2005

      now that i think about it annuity might be a better idea especially for those who have problems managing their money,at least you have next years payment to look forward to..








      If they have problems managing their money, there's a good chance they'll starting borrowing on future payments, leaving little to nothing (or even less) left when the next payment comes around anyway.
        LOTTOMIKE's avatar - cash money.jpg
        Tennessee
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        October 15, 2004
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        Posted: March 20, 2005, 5:45 pm - IP Logged

          LOTTOMIKE's avatar - cash money.jpg
          Tennessee
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          Posted: March 21, 2005, 3:39 pm - IP Logged

          i'm wondering do some states have annuity only i heard this but wasn't sure.....


            United States
            Member #379
            June 5, 2002
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            Posted: March 21, 2005, 5:08 pm - IP Logged

            Mike:

            Mass Megabucks is still annuity-only...a 94-year-old "winner" from last year is forced to receive 20 annual payments...

              LOTTOMIKE's avatar - cash money.jpg
              Tennessee
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              Posted: March 22, 2005, 6:51 am - IP Logged

              lol,what a disgrace that they couldn't break the rules this one time and give the poor old soul his lump sum.he might not even make it to receive his next check....

                LOTTOMIKE's avatar - cash money.jpg
                Tennessee
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                Posted: March 23, 2005, 3:13 pm - IP Logged

                did the last few powerball winners all choose lump sum?

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                  Morrison, IL
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                  Posted: March 23, 2005, 5:34 pm - IP Logged
                  Quote: Originally posted by CASH Only on March 21, 2005



                  Mike:

                  Mass Megabucks is still annuity-only...a 94-year-old "winner" from last year is forced to receive 20 annual payments...




                    Wouldn't the heirs to his estate be entitled to the future payments though?

                    United States
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                    Posted: March 23, 2005, 5:52 pm - IP Logged

                    ryan:

                    1. she is a woman;

                    2. there are estate tax consequences.

                      LOTTOMIKE's avatar - cash money.jpg
                      Tennessee
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                      Posted: March 24, 2005, 5:36 pm - IP Logged

                      cash only i think they should put laws in place that after a certain age you are free to have lump sum OR annuity not just annuity.......

                        LOTTOMIKE's avatar - cash money.jpg
                        Tennessee
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                        Posted: March 25, 2005, 3:26 pm - IP Logged

                        anyone know if there is such a law?

                          LOTTOMIKE's avatar - cash money.jpg
                          Tennessee
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                          Posted: March 26, 2005, 4:55 pm - IP Logged

                          if you choose annuity...could you at anytime later change your mind and request lump sum?

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                            Morrison, IL
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                            Posted: March 26, 2005, 5:00 pm - IP Logged

                              I don't think you can change to lump sum, although I have heard of attorneys who could supposedly turn any annuity payment into a lump sum.  However, most of those annuities are for lawsuits won, not for lottery winnings.

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                              New Member

                              United States
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                              March 9, 2005
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                              Posted: March 26, 2005, 11:45 pm - IP Logged

                              Once you choose your option that's it.  However, there are many places that will "buy" your annuity and charge you a healthy fee for it.  Overall, if you win Powerball and have somewhat of a sane and intelligent mindset after the initial rush settles, you'll never have to really worry about money again (within reason of course).  That goes for either cash or annuity.  If you're a knucklehead you'll get into trouble no matter which you choose. 

                              With regards to the IN couple that chose annuity...it seems as though they went down to collect the day they realized they'd won.  More than likely they didn't talk to a financial consultant beforehand and chose the "obvious" choice per recommendation from IN State lottery.  Either way it's nice to see a family like that win...that's what the lottery is for

                                 
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