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I have a question about when a group of co-worker hit a jacpot game

Topic closed. 24 replies. Last post 5 years ago by JusCurious.

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Posted: July 26, 2011, 9:06 pm - IP Logged

I have  always wonder  when you have a group of people get a  in pool lets say at work and they hit a jackpot game like powerball and they go cash their ticket in and some want the cash payout and some wants the annual payment does the lottery office  make all of the players pick just one way of paying there winnings  ?

I am under the impression that each individual in the group has a choice to choose the annuity or cash option.  In 2006 a group won a $208,000,000 jackpot and if you look at the Powerball website it states that it was mixed between annuity and cash option.  The is also another group win in 2006 that says mixed.  I do not know if the rules have changed since this time.

    guesser's avatar - Lottery-017.jpg

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    Posted: July 27, 2011, 12:19 pm - IP Logged

    When a GROUP of players win a jackpot, after taxes, the amount is usually 'low enough' that an annuity does not make a lot of sense (to them), but it depends on the size of the group, any more than about 3-4 people and it's not 'worth it'.

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      NASHVILLE, TENN
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      February 20, 2006
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      Posted: July 27, 2011, 12:47 pm - IP Logged

      It's just my humble opinion (though my wording will sound like Dr. Gregory House) but you'd have to be an idiot to take the annual payment option.

       

      One advantage of taking annual payment is you always know there will always be money next year. What if you do stupid things and blow it all of? With one lump sum, you end up with nothing. With annual payment, you will always have money next year.

      Not quite true.  Should the insurance company with which your annuity was placed goes bankrupt, you lose all your money.

      Illinois lotto was sued because of an insurance company going belly up.  The lotto winner lost all his winnin's.

        sully16's avatar - sharan
        Ringleader
        Michigan
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        Posted: July 27, 2011, 1:16 pm - IP Logged

        Not quite true.  Should the insurance company with which your annuity was placed goes bankrupt, you lose all your money.

        Illinois lotto was sued because of an insurance company going belly up.  The lotto winner lost all his winnin's.

        Good to know Gasmeterguy, Thanks.

         HyperBe Happy.

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          Posted: July 27, 2011, 8:47 pm - IP Logged

          Not quite true.  Should the insurance company with which your annuity was placed goes bankrupt, you lose all your money.

          Illinois lotto was sued because of an insurance company going belly up.  The lotto winner lost all his winnin's.

          Holy ssshhttt, Unbelievable!! Mad I would go off....

            dk1421's avatar - Lottery-024.jpg
            North Carolina
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            September 1, 2008
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            Posted: July 27, 2011, 9:49 pm - IP Logged

            With all the State Gov'ts having budget problems.... do you really think they may not "think twice" before letting you get your annual lottery winnings? Maybe they'll move the payment from February to November, so they can get more interest for all the money they spend. And they won't care if you cry because your Porshe's payment is due in March.

            NC gov't holds back people's tax returns for months, even though it's illegal, because they need the interest to pay the people who returned their taxes a month before you did!

            If we were in a perfect world, I would do annuity. However, we are not, so I would run and get all my money asap!

            "Don't be a schmuck, always take the cash." -Coin Toss

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              Posted: July 27, 2011, 11:57 pm - IP Logged

              Not quite true.  Should the insurance company with which your annuity was placed goes bankrupt, you lose all your money.

              Illinois lotto was sued because of an insurance company going belly up.  The lotto winner lost all his winnin's.

              Illinois lotto sued because the insureance company going belly up?  The winner lost all of his winnings?

              This is a pretty big claim.  I did a search for this and came up with nothing which is strange because I think this would be a fairly big story.  Do you have a link to an arcticle or anything?  I need to see the evidence for this.

                karinda's avatar - WINGS
                New Jersey
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                Posted: July 28, 2011, 9:23 am - IP Logged

                annual payment is the best choice I think the group should  just take a vote and majority would rule

                Why do you and others who agree with you think the annual payment is the best choice? I'm interested in knowing because my answer is different depending on which day someone asks me. I honestly don't know. If a winner takes the Cash, it still needs to be put into a "bank". Try going to the bank the next day and asking for a $10,000,000 withdrawal. ;o  If there's a $3000 a day withdrawal limit, it would take 20 years just to get the money out of the bank. lol ;) If a winner takes the annuity, these days one does wonder if they'll ever see it.  It's usually spread out over too many years, imho. Why is it spread out over 26 years? Wasn't 20 years long enough to still give "the house" an advantage!? ;s 

                Peace,
                Karinda

                  rdgrnr's avatar - walt
                  Way back up in them dadgum hills, son!
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                  Posted: July 28, 2011, 1:47 pm - IP Logged

                  Why do you and others who agree with you think the annual payment is the best choice? I'm interested in knowing because my answer is different depending on which day someone asks me. I honestly don't know. If a winner takes the Cash, it still needs to be put into a "bank". Try going to the bank the next day and asking for a $10,000,000 withdrawal. ;o  If there's a $3000 a day withdrawal limit, it would take 20 years just to get the money out of the bank. lol ;) If a winner takes the annuity, these days one does wonder if they'll ever see it.  It's usually spread out over too many years, imho. Why is it spread out over 26 years? Wasn't 20 years long enough to still give "the house" an advantage!? ;s 

                  Peace,
                  Karinda

                  The world doesn't trust us with the President we have now. Neither do I. He's too flighty. You can't predict what he'll do next.

                  Gimme the cash and let me convert it into tangibles before he destroys the dollar too.


                                                               
                                       
                                                           

                   

                   

                   

                   

                                                                                                                     

                  "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                              --Edmund Burke

                   

                   

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                    Michigan
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                    August 18, 2011
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                    Posted: August 18, 2011, 12:52 pm - IP Logged

                    In Michigan, all players have to agree on the payout choice.  If there is no consensus, they default to a cash payout.