Lump Sum V.S 26 YearPrev TopicNext Topic

• kdmccaskill

  

  United States
  Member #78,966
  August 25, 2009
  52 Posts
  Offline
  Aug 27, 2009, 7:28 pm

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  What is better

   

  with 26 year couldn't you use your mega million contract to take out loans
• Piaceri

  

  Republic of Texas
  United States
  Member #57,555
  January 9, 2008
  1,095 Posts
  Offline
  Aug 27, 2009, 8:48 pm

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  In response to kdmccaskill

  Quote: Originally posted by kdmccaskill on Aug 27, 2009

  What is better

   

  with 26 year couldn't you use your mega million contract to take out loans

  Why would you do that? 

  Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

   

  Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

   

  Annuity is lose lose right now.

  

  singlewinnersinglewinnersinglewinner   
  
• allmost

  

  toledo ohio
  United States
  Member #78,837
  August 22, 2009
  22 Posts
  Offline
  Aug 29, 2009, 6:12 pm

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  well if your not good with money take the 26, if you are then the cash option would be best if, you know how to invest it ...... and it would depend on your age..
• rburton

  United States
  Member #78,469
  August 15, 2009
  33 Posts
  Offline
  Sep 1, 2009, 1:18 pm

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  In response to Piaceri

  Quote: Originally posted by Piaceri on Aug 27, 2009

  Why would you do that? 

  Why borrow when you can "Bank on yourself"? Borrow from yourself for 6% interest, then you earn 6% interest on your money instead of the bank earning 6% on your money.

   

  Besides, when you look at the current administration, your future annutity payments might be taxed at 60% or more.

   

  Annuity is lose lose right now.

  Somethings badly wrong when the Government takes 60% of a persons money.