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Latest Powerball Winner Chooses ANNUITY

Topic closed. 12 replies. Last post 12 years ago by Blalron.

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Morrison, IL
United States
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Posted: March 8, 2005, 4:23 pm - IP Logged

  For the first time in a long time, a Powerball jackpot winner actually chose to receive the prize in 30-year payments instead of as a lump sum.  So much for Cash Only's theory that those who choose annuity will never win a jackpot!

http://www.powerball.com/powerball/pb_stories.asp

  BTW, the latest winner was from Indiana, not Idaho.  They've messed up on that page.

    twisted's avatar - underground
    New Jersey
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    Posted: March 8, 2005, 5:00 pm - IP Logged

    I dont think they were prepared to win. Since they didnt wait long before clamining the prize, they probably didnt consult a financial advisor or a tax accountant/attorney before claiming. Hence, they selected to receive the yearly installments.

      RJOh's avatar - chipmunk
      mid-Ohio
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      Posted: March 8, 2005, 5:34 pm - IP Logged
      Quote: Originally posted by ryanm on March 8, 2005



      So much for Cash Only's theory that those who choose annuity will never win a jackpot!







      They both look to be under 30 yrs. old, so annuity could be a good choice for them, beside what does Cash Only really know about winning a lottery jackpot?

      RJOh 

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        DoctorEw220's avatar - alien helmet.jpg
        Yinzer Country, PA
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        Posted: March 8, 2005, 5:53 pm - IP Logged

        that and $10.8 million is too small a cash option. perhaps they wanted to have it there for their kids' future.

        I've redone my website.  Go to www.dr-ew.com.  I kept a lot of the old stuff, and I've added some new stuff.  Look for more new stuff in the coming weeks.

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          Morrison, IL
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          Posted: March 8, 2005, 6:01 pm - IP Logged

            That could be true.  However, they could have accomplished the same thing by purchasing their own annuity, perhaps municipal bonds, so they could get the interest tax-free, at least at the federal level.

            Also, didn't someone here once say that it's more of a gamble to take the annuity than to take cash because of the uncertainty of future payments?  You don't know what will happen to lotteries and the related laws over the next thirty years.

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            Posted: March 8, 2005, 6:04 pm - IP Logged

            Being 20 years old myself I would choose annunity.

              RJOh's avatar - chipmunk
              mid-Ohio
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              Posted: March 8, 2005, 8:09 pm - IP Logged
              Quote: Originally posted by ryanm on March 8, 2005


              they could have accomplished the same thing by purchasing their own annuity *



              *If you're not financially smart, then the State is probably as good of an organization to trust with your annuity as you can find.

              RJOh

               * you don't need to buy more tickets, just buy a winning ticket * 
                 
                           Evil Looking       

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                Morrison, IL
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                Posted: March 8, 2005, 9:10 pm - IP Logged

                  Sad, but true.  I guess for some people, the annuity would be slightly better as they would blow all their winnings in 30 years instead of just two-five!

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                  Oregon
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                  Posted: March 8, 2005, 10:49 pm - IP Logged

                  "Barbara, who is 28, works at the Meijer gas station on Indiana Highway 37 in Noblesville. Her boss happened to call her last night to offer her a half day off for putting in so many hours recently. She asked for a full day, given her Powerball win, and her boss easily allowed her the leeway." http://www.powerball.com/powerball/winners/2005/030505in.shtm

                  A day off? I'd just quit.

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                    Morrison, IL
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                    Posted: March 8, 2005, 10:55 pm - IP Logged

                      Maybe she doesn't want to quit her job as it would set a bad example for her children.

                      Annual Payments's avatar - annual 20payments.jpg
                      Houston, TX
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                      Posted: March 9, 2005, 12:36 am - IP Logged

                      YEAHHHHHHH!!!!!

                       

                      finally someone took annual payments.  ohhhhh that's so great!!! 

                        Annual Payments's avatar - annual 20payments.jpg
                        Houston, TX
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                        Posted: March 9, 2005, 12:37 am - IP Logged

                        I'm 23 and i think everyone know what my choice would be =)

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                          Oregon
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                          Posted: March 17, 2005, 2:05 pm - IP Logged
                          Quote: Originally posted by ryanm on March 8, 2005



                            Maybe she doesn't want to quit her job as it would set a bad example for her children.







                          Ok. I can see the value in that, but would you really want to keep working at a gas station if you were a Powerball winner?