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60-day clock (cash v annuity)

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

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When should it start?

With the claim [ 6 ]  [60.00%]
With the drawing [ 4 ]  [40.00%]
Don't know [ 0 ]  [0.00%]
Total Valid Votes [ 10 ]  
Discarded Votes [ 1 ]  

United States
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June 5, 2002
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Posted: April 20, 2006, 2:17 pm - IP Logged

Almost all states (NY and Texas are the major exceptions) have a 60-day window in which to choose cash, after which you are stuck with the annuity. In most cases the 60 days start with the claim; elsewhere (eg Florida) the clock starts with the drawing. Unfortunately, not all games with a top prize paid over time have the cash option.

    LOTTOMIKE's avatar - cash money.jpg
    Tennessee
    United States
    Member #7853
    October 15, 2004
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    Posted: April 20, 2006, 2:22 pm - IP Logged

    maybe they should extend it?

      LOTTOMIKE's avatar - cash money.jpg
      Tennessee
      United States
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      Posted: April 20, 2006, 2:23 pm - IP Logged

      by the way are there any states that are annuity only?


        United States
        Member #379
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        Posted: April 20, 2006, 2:33 pm - IP Logged

        by the way are there any states that are annuity only?

        MA Megabucks is the only jackpot game that remains annuity-only. OR Lose for Life and PA Unlucky for Life do not have a cash option. As for GA-KY-VA Lose for Life, only VA offers a cash option, according to www.valottery.com , but for weeks there has been no mention on the site of the $520,000 lump sum.

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          Morrison, IL
          United States
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          May 13, 2004
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          Posted: April 20, 2006, 3:28 pm - IP Logged

          For life games, by definition, are supposed to provide the winner with an income for life, so you shouldn't expect them to have cash options. Simply put, if you don't like those type of games, don't play them.


            United States
            Member #379
            June 5, 2002
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            Posted: April 20, 2006, 3:31 pm - IP Logged

            For life games, by definition, are supposed to provide the winner with an income for life, so you shouldn't expect them to have cash options. Simply put, if you don't like those type of games, don't play them.

            WA state Lucky for Life scratch (which replaced the online Unlucky for Life) has a $750,000 cash option. Therefore there is no excuse for other "life" games not to have the choice.

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              United States
              Member #1826
              July 11, 2003
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              Posted: April 20, 2006, 7:26 pm - IP Logged

              I believe players should have to make their payment decision when they buy their ticket, but should also be able to change their mind later. That way, people like CO can take their time to claim without worrying about the, in his opinion, evil annual payments.

              (insert signature here)


                United States
                Member #16612
                June 2, 2005
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                Posted: April 21, 2006, 12:58 pm - IP Logged

                My vote is for after the drawing because in CA SLP and MM tickets, they claim the jackpot within 60 days.

                  DoctorEw220's avatar - alien helmet.jpg
                  Yinzer Country, PA
                  United States
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                  March 18, 2004
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                  Posted: April 21, 2006, 5:17 pm - IP Logged

                  Back when Ohio has Super Lotto Plus, players had the option to change their mind if they chose the annuity. What I would do was choose annuity, and in the event that I win, and in the event that I would decide to take the cash, I would do so.

                  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.


                    United States
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                    Posted: April 24, 2006, 1:35 pm - IP Logged

                    If I ever win the jackpot, I rather claim the jackpot within 60 days of the winning jackpot. At all times, I would pick the cash option instead of annual payments.

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                      Morrison, IL
                      United States
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                      Posted: April 24, 2006, 11:09 pm - IP Logged

                      For life games, by definition, are supposed to provide the winner with an income for life, so you shouldn't expect them to have cash options. Simply put, if you don't like those type of games, don't play them.

                      WA state Lucky for Life scratch (which replaced the online Unlucky for Life) has a $750,000 cash option. Therefore there is no excuse for other "life" games not to have the choice.

                      Then WA Lucky for Life doubles as a normal cash prize game.


                        United States
                        Member #379
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                        Posted: April 25, 2006, 4:13 pm - IP Logged

                        For life games, by definition, are supposed to provide the winner with an income for life, so you shouldn't expect them to have cash options. Simply put, if you don't like those type of games, don't play them.

                        WA state Lucky for Life scratch (which replaced the online Unlucky for Life) has a $750,000 cash option. Therefore there is no excuse for other "life" games not to have the choice.

                        Then WA Lucky for Life doubles as a normal cash prize game.

                        If Washington state has a cash option for its lifetime scratch, then why aren't other lotteries following suit? Maybe for the same reason all lotto games used to be annuity-only; to help annuity sellers make money.