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Part annuity Part cash

Topic closed. 16 replies. Last post 6 years ago by Raven62.

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WV
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March 2, 2011
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Posted: April 4, 2011, 6:10 am - IP Logged

Theres always storys about winners of large amount being broke a few years later. Say a jackpot is 80 million and the cash option is 40 million. Can a person take part of it as a annuity and part as cash? The more i read storys about people going broke and i tell myself i wouldnt be that dumb im sure most of these people have thought the same thing. If the lottery allows and i would ever get so lucky i think i might go this route.

    djklaugh's avatar - Lottery-031.jpg
    Portland,Oregon
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    April 25, 2005
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    Posted: April 4, 2011, 6:14 am - IP Logged

    Theres always storys about winners of large amount being broke a few years later. Say a jackpot is 80 million and the cash option is 40 million. Can a person take part of it as a annuity and part as cash? The more i read storys about people going broke and i tell myself i wouldnt be that dumb im sure most of these people have thought the same thing. If the lottery allows and i would ever get so lucky i think i might go this route.

    Unfortunately you would have to choose either the cash option OR the annuity - MM and PB will not let you use both options.

    Djklaugh

      Some things have to be believed to be seen.

    "I have not failed. I have just found ten thousand things that don't work".  Thomas Edison

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      WV
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      Posted: April 4, 2011, 6:22 am - IP Logged

      Unfortunately you would have to choose either the cash option OR the annuity - MM and PB will not let you use both options.

      Thanks for your reply and that is what i thought it might be since id never seen anyone do it. I  guess ill worry about what to do whan i hit it LOL

        sully16's avatar - sharan
        Ringleader
        Michigan
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        Posted: April 4, 2011, 9:16 am - IP Logged

        If you learn how to plan and save for the future, thats the first step in learning how to handle money and a large windfall should it ever come your way. Good Luck.

        Did you exchange a walk on part in the war ?

        For a lead role in a cage?

         

                                                    From Pink Floyd's " Wish you were here"

          Raven62's avatar - binary
          New Jersey
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          Posted: April 4, 2011, 9:28 am - IP Logged

          Unfortunately you would have to choose either the cash option OR the annuity - MM and PB will not let you use both options.

          Buy two Tickets with the same Numbers on both Tickets: Select the Cash Option on one and Annuity on the other.

          A side benefit: If someone else hits: You would get 2/3 of the Jackpot instead of 1/2.

          A mind once stretched by a new idea never returns to its original dimensions!

            trap574's avatar - Lottery-063.jpg
            Adk NY
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            Posted: April 4, 2011, 2:16 pm - IP Logged

            Buy two Tickets with the same Numbers on both Tickets: Select the Cash Option on one and Annuity on the other.

            A side benefit: If someone else hits: You would get 2/3 of the Jackpot instead of 1/2.

              Just might start playing like this,perfect for myself,only play for jackpots over 220 mill. cash values.  Almost made it w/MM ohwell maybe PB..

              tiggs95's avatar - Lottery-036.jpg

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              Posted: April 4, 2011, 2:31 pm - IP Logged

                Just might start playing like this,perfect for myself,only play for jackpots over 220 mill. cash values.  Almost made it w/MM ohwell maybe PB..

              If tiggs was young and hit he'd take the annuity but tiggs is so old he'd now take the money....and run...

                                                                        Pure luck

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                Milwaukee, WI
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                December 27, 2003
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                Posted: April 4, 2011, 3:02 pm - IP Logged

                Take all as cash, then set up your own annuity.......

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                  Kentucky
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                  February 14, 2006
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                  Posted: April 4, 2011, 3:14 pm - IP Logged

                  Theres always storys about winners of large amount being broke a few years later. Say a jackpot is 80 million and the cash option is 40 million. Can a person take part of it as a annuity and part as cash? The more i read storys about people going broke and i tell myself i wouldnt be that dumb im sure most of these people have thought the same thing. If the lottery allows and i would ever get so lucky i think i might go this route.

                  Back when annuities where the only option, I read about people that borrowed on future payments so either way "a fool and their money are soon parted". Annuities are usually safe investments with a lower rate and you could put a portion of the after tax cash winnings into the bond market and get a similar rate of return.

                  I doubt there are very many jackpot winners that can say they increased the amount or are even after 5 years of investing. Most probably outspend their investments in first few years. Age is a big factor so how much a younger person spends now has a bigger impact on their future than an older person.

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                    NY
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                    October 16, 2005
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                    Posted: April 5, 2011, 3:30 am - IP Logged

                    Stack has it exactly right. You can always buy your own annuity so that  you can continue to collect annual (or quarterly) payments in an effort to control your spending. Unfortunately you can also borrow against the annuity or sell it outright to get cash now. You can do all sorts of things to protect yourself from others and from the economy, but  lottery winners are almost always their own worst enemies.

                    As for the idea of buying two tickets in order to split the winnings between cash and annuity, that's one of the most ridiculous strategies I've heard. Besdies the reasons above, you'd effectively be doubing the odds against you, since you'd only be getting half as many chances to win as that amount of money will buy.

                      B$Rizzle's avatar - a4leds
                      The Ville, FL
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                      Posted: April 5, 2011, 1:12 pm - IP Logged

                        Just might start playing like this,perfect for myself,only play for jackpots over 220 mill. cash values.  Almost made it w/MM ohwell maybe PB..

                      What do you mean by "Amost made it w/MM"?

                        Raven62's avatar - binary
                        New Jersey
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                        Posted: April 5, 2011, 3:06 pm - IP Logged

                        If tiggs was young and hit he'd take the annuity but tiggs is so old he'd now take the money....and run...

                        This I gotta See: Tiggs Running! LOL

                        A mind once stretched by a new idea never returns to its original dimensions!

                          tiggs95's avatar - Lottery-036.jpg

                          United States
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                          Posted: April 5, 2011, 4:06 pm - IP Logged

                          This I gotta See: Tiggs Running! LOL

                          Please don't give ridge any material to work with..tiggs can run...down hill not up...

                                                                                    Pure luck

                            tiggs95's avatar - Lottery-036.jpg

                            United States
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                            Posted: April 5, 2011, 4:17 pm - IP Logged

                            Please don't give ridge any material to work with..tiggs can run...down hill not up...

                            Speaking of ridge where is the old goat?..Could he be on another honnymoon..He hasen't had one in a few years so he is due..If so hope he don't forget his little blue pill box...you devil you ridge..

                                                                                      Pure luck

                              Raven62's avatar - binary
                              New Jersey
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                              Posted: April 5, 2011, 4:31 pm - IP Logged

                              If tiggs was young and hit he'd take the annuity but tiggs is so old he'd now take the money....and run...

                              Tiggs can use those Old Mail Bags, in the attic, to carry the Money! LOL

                              A mind once stretched by a new idea never returns to its original dimensions!