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How do you take it

Topic closed. 15 replies. Last post 11 years ago by CASH Only.

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Lump sum or yearly installments

Lump Sum [ 26 ]  [89.66%]
Installments [ 3 ]  [10.34%]
Total Valid Votes [ 29 ]  
Discarded Votes [ 2 ]  
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Palm Harbor, FL
United States
Member #32362
February 11, 2006
145 Posts
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Posted: February 11, 2006, 12:10 pm - IP Logged

How would you take your winnings/ In a one time cash out option or yearly installments. Depending on how much, but probably yearly. I dont know how it is in our stae, but in Florida taking a one time lump sum = 63.7% of taxes taken out?! Federal tax and lotto tax...you get enough $$ out of me through the year, your not screwing me out my millions Boxing

    fja's avatar - gnome1

    United States
    Member #91
    January 19, 2002
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    Posted: February 11, 2006, 2:44 pm - IP Logged

    Lump sum for me! even after taxes I'll see more money than I have had....

      Avatar
      Portland Oregon
      United States
      Member #23305
      October 10, 2005
      47 Posts
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      Posted: February 11, 2006, 2:54 pm - IP Logged

      TAKE LUMP SUM!  Interest rates for CD's are higher than they have been in a long time.  You could get 7% interest or higher for a CD with $100M .....

        emilyg's avatar - cat anm.gif

        United States
        Member #14
        November 9, 2001
        31337 Posts
        Online
        Posted: February 11, 2006, 3:00 pm - IP Logged

        installments

        love to nibble those micey feet.

         

                                     

          time*treat's avatar - radar

          United States
          Member #13130
          March 30, 2005
          2171 Posts
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          Posted: February 11, 2006, 3:13 pm - IP Logged

          Lump sum. Inflation is worse that taxes.

          In neo-conned Amerika, bank robs you.
          Alcohol, Tobacco, and Firearms should be the name of a convenience store, not a govnoment agency.

            Avatar
            Palm Harbor, FL
            United States
            Member #32362
            February 11, 2006
            145 Posts
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            Posted: February 11, 2006, 4:17 pm - IP Logged

            thats with a $100 million (or did you mean $1 mil). It's just crazy..for example a woman in New Port Richey (actually and honestly was the mother of my Fiances mothers Fed Ex delivery man) had the single winning ticket for a $35 mil. jackpot. Her lump sum: $13 mil.(very nice amount..but still, you go from winning a $35 mil jackpot to taking home $13 mil)

              Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
              Norfolk , Va
              United States
              Member #4541
              May 2, 2004
              25084 Posts
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              Posted: February 11, 2006, 4:44 pm - IP Logged

              Hard to tell. Say you can take 1/2 mil now or 4,000 a month for 30 years /  After the 30 years you would have about 998,000  but would you live that long if you are in your 50's now? 1/2 mil now would give you quite a few dollars now but would you spend it quick. The initial period would probably be spent paying off creditors and buying the things you might have wanted but after a while it would probably slow down and you would still have a good bit to play with. Of course there would be friends you never knew you had and cousin to help you spend. Lump sum for me.

               

               Good Luck,

              Blackie.                           

                mylollipop's avatar - Trek STLOGO6.png

                United States
                Member #24380
                October 21, 2005
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                Posted: February 11, 2006, 4:51 pm - IP Logged

                Lump, Lump...I could win and kick the bucket the next day.  Young and old alike die, that is certain.  LUMP helps me enjoy before the final HUMP in the earth---that is if I don't choose cremation.  LOL!

                  Avatar
                  Sparta, NJ
                  United States
                  Member #18331
                  July 9, 2005
                  1977 Posts
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                  Posted: February 11, 2006, 5:12 pm - IP Logged

                  thats with a $100 million (or did you mean $1 mil). It's just crazy..for example a woman in New Port Richey (actually and honestly was the mother of my Fiances mothers Fed Ex delivery man) had the single winning ticket for a $35 mil. jackpot. Her lump sum: $13 mil.(very nice amount..but still, you go from winning a $35 mil jackpot to taking home $13 mil)

                  Tell me I won $35M, then take away $22M.  That would be devistating.  Obviously you would need a trip around the world on a private jet to get over such a loss! 

                  Cheers

                  |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                  I only trust myself - and that's a questionable choice

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                    Coastal Georgia
                    United States
                    Member #2653
                    October 30, 2003
                    1866 Posts
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                    Posted: February 11, 2006, 6:29 pm - IP Logged

                    There should be no question of how to take it .

                    Take your cut Mr. Tax Man, but give me the rest all at once and I will do my own investing and buy my own "annuities".

                    KRB03, you will likely see a reply very soon from CASH ONLY, one of our long time posters, and if I may be so bold , perhaps the biggest proponent in the world for NOT taking annuities. 

                    Good luck and welcome aboard.....

                    DD

                     

                                                   

                                  

                     

                     

                      weshar75's avatar - Lottery-042.jpg
                      Mcminnville, Oregon
                      United States
                      Member #3013
                      December 13, 2003
                      3046 Posts
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                      Posted: February 11, 2006, 7:39 pm - IP Logged

                      I will take the Powerball jackpot in a lump sum or the cash option on monday. 

                        Avatar

                        United States
                        Member #119
                        February 19, 2002
                        527 Posts
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                        Posted: February 11, 2006, 8:15 pm - IP Logged

                        I've said this before so I'll say it again:

                        CASH !

                        IN A FLASH!

                          hypersoniq's avatar - 8ball
                          Pennsylvania
                          United States
                          Member #1340
                          April 6, 2003
                          2450 Posts
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                          Posted: February 12, 2006, 11:47 am - IP Logged

                          Given a jackpot where the after tax prize is less than $20,000,000 I would not hesitate to take the cash because it can all be fdic insired in a CDARS account. Given my inexperience at managing anything greater than about 38,000 a year, however... these big jackpots make me wonder about the annuity. I would most certainly seek the advise of a financial planner before deciding.

                          I don't know about the high finance, but I see it like this...

                          using PB estimates for this coming saturday

                          scenario A (Lump Sum)

                          advertised cash value $145,700,000 / actual after tax value $94,705,000

                          insured = $20,000,000 / uninsured = $74,705,000

                          scenario B (Annuity)

                          advertised annuity value $300,000,000 / actual after tax yearly installment $6,500,000

                          totally insured for 3 years (and of course you would be spending over that time so it could stretch)

                          by the time you will have more than can be insured, you will have a head for high finance and be able to protect it accordingly, you can always sell remaining payments for a lump sum at any time

                          on 300 million, I would be open to either provided the cash could be protected.

                          Playing more than one ticket per game is betting against yourself.

                            Avatar
                            Sparta, NJ
                            United States
                            Member #18331
                            July 9, 2005
                            1977 Posts
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                            Posted: February 12, 2006, 12:01 pm - IP Logged

                            Remember, from a tax perspective, the state, city, county, and the Feds can always change the tax liability upwards.  As the need increases, the temptation to do so increases. There isn't a state out there that will ever have enough money, and will always be looking for additional revenue.  Once you choose annuity, it will always be annuity - unless you choose to sell it at a loss and pay even more taxes. 

                            The Govenor of New Jersey has made three speechs about the state being financially bankrupt, and has even put up a web site for people to tell him how to get more money from its residents.   Every one who things a tax increase will not happen, start shovelling I95 with a kids shovel.  Any one who thinks the no tax on lottery in NJ will last for another 26 years, should sleep very litely.  You voted for a liberal tax raiser; you are now about to get your best dreams forfilled!

                            Cheers

                            |||::> *'`*:-.,_,.-:*''*:--->>> Chewie  <<<---.*''*:-.,_,.-:*''* <:::|||

                            I only trust myself - and that's a questionable choice

                              Blackie's avatar - Norfolk 20Sunrise%20Nov%2016.jpg
                              Norfolk , Va
                              United States
                              Member #4541
                              May 2, 2004
                              25084 Posts
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                              Posted: February 12, 2006, 12:32 pm - IP Logged

                              Hard to tell. Say you can take 1/2 mil now or 4,000 a month for 30 years /  After the 30 years you would have about 998,000  but would you live that long if you are in your 50's now? 1/2 mil now would give you quite a few dollars now but would you spend it quick. The initial period would probably be spent paying off creditors and buying the things you might have wanted but after a while it would probably slow down and you would still have a good bit to play with. Of course there would be friends you never knew you had and cousin to help you spend. Lump sum for me.

                              I should have said about 1600.00 a month for 30 yrs. I think.

                               

                               Good Luck,

                              Blackie.