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Mega Million Lump Sum payment question

Topic closed. 8 replies. Last post 7 years ago by Stack47.

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Bagent's avatar - avatar 10424.gif
Vancouver, WA
United States
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July 15, 2007
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Posted: August 27, 2009, 6:42 am - IP Logged

I am almost certain that this has been talked about at one time or another, but I can't seem to be able to find it using the search function.

Trying to decide about lump sum verses annunity and I am leaning towards the lump sum.  My question is - once I win the JP, have the financial and legal stuff in place and head off to claim my winnings, how long of a wait will I expect to get my lump sum payment?

I think I have read here that it is between 6-8 weeks to get all the money from the other states.  Does the Lottery offer an initial payment to get you started and the rest comes after this time frame is passed or do I have to wait that long to get any money?

With the annunity, I think I have heard that you get your first yearly payment at time of claim, is this still true?

Thanks

Bagent

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    Milwaukee, WI
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    December 27, 2003
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    Posted: August 27, 2009, 6:55 am - IP Logged

    I would imagine  that it varies by state.  I remember somebody from Michigan got a 1 Mil down payment.

    I would negotiate. Well, if you want your photo-op, help me a bit.

    MarkP

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      New Member
      New Jersey
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      August 24, 2009
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      Posted: August 27, 2009, 1:20 pm - IP Logged

      One litterally has to wait a lifetime (if that....) to get a JP winning. What's the big deal about waiting 6-8 weeks more? Surely one would have enough money to buy necessities (e.g. food, water, etc) until they got their payment....

       

      I have heard of people getting services and good with a mere copy of the winning ticket, with the promise to pay upon receipt of goods, like that guy who ODed who pissed away his lotto winnings (moron!). Got a loan just to piss it away on Vegas and he didn't even have his winning yet.

       

      So, in short, you (and other hopefuls) will live.

        dk1421's avatar - Lottery-024.jpg
        North Carolina
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        September 1, 2008
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        Posted: August 27, 2009, 4:00 pm - IP Logged

        I've heard the 6-8 weeks theory too. And really - it may take you that long to get your stuff in order anyway.

        But I would assume they'd give you what they can.

        Oh - I hear a few days before you get your money, you have to prove that you have a bank account that can handle that amount of money.

          Halle99's avatar - Lottery-043.jpg
          United States
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          December 16, 2008
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          Posted: August 27, 2009, 4:09 pm - IP Logged

          I am almost certain that this has been talked about at one time or another, but I can't seem to be able to find it using the search function.

          Trying to decide about lump sum verses annunity and I am leaning towards the lump sum.  My question is - once I win the JP, have the financial and legal stuff in place and head off to claim my winnings, how long of a wait will I expect to get my lump sum payment?

          I think I have read here that it is between 6-8 weeks to get all the money from the other states.  Does the Lottery offer an initial payment to get you started and the rest comes after this time frame is passed or do I have to wait that long to get any money?

          With the annunity, I think I have heard that you get your first yearly payment at time of claim, is this still true?

          Thanks

          Bagent

          Party

          Thanks bagent for bring up the que I have been wondering the same I thought it took 6-8 weeks too but I cant find where i read it.....I hope they will give me some money( I can settle for a few thousands while I wait) when I go to claim it cos I have a bill that I have to pay soon...and ofcourse I want to go to a vacation after the win.....Good luck to all.

          "Wait eagerly for the Lord, and keep to the way; God wil raise you to possess the land; you will gloat when the wicked are cut off".

                                                                                        Psalms 37:34

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            May 16, 2008
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            Posted: August 27, 2009, 6:15 pm - IP Logged

            I've heard the 6-8 weeks theory too. And really - it may take you that long to get your stuff in order anyway.

            But I would assume they'd give you what they can.

            Oh - I hear a few days before you get your money, you have to prove that you have a bank account that can handle that amount of money.

            Just open a brokerage account at Charles Schwab or Fidelity if you don't want a financial advisor.

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              houston
              United States
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              March 19, 2007
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              Posted: August 27, 2009, 6:19 pm - IP Logged

              dont think you would be hurting for money if you had 210 million got you on hold any one would give you credit

                Bagent's avatar - avatar 10424.gif
                Vancouver, WA
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                Posted: August 27, 2009, 8:37 pm - IP Logged

                InItAndWonIT,

                 

                I have no clue what you do for a living or what you make as an income.  For me, I work hard and still live paycheck to paycheck.  The reason for my question was to determine if I could leave my job and be able to live for the almost 2 months since there is little to no savings to speak of.

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                  Kentucky
                  United States
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                  February 14, 2006
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                  Posted: August 28, 2009, 10:20 am - IP Logged

                  InItAndWonIT,

                   

                  I have no clue what you do for a living or what you make as an income.  For me, I work hard and still live paycheck to paycheck.  The reason for my question was to determine if I could leave my job and be able to live for the almost 2 months since there is little to no savings to speak of.

                  Some lotteries give the winner a percentage of the winnings by voucher or check while they are waiting for the big money so you might check with your state lottery, if they do it and what percentage you can get.