|Posted: April 17, 2013, 12:22 pm - IP Logged|
Perhaps they say " We have read too many horror stories of winners losing it all, so we have emplemented a fail- safe measure to ensure that this will not happen under our watch from this point on, in the best interest of the lottery & the winner- we feel that this action will be viewed in a positive light once the initial curve has been passed-Yours Faithfully
The State Lottery.
Would you buy into it?
There was a time when almost all the lotto jackpots were paid in yearly installments. Taking the cash value was an added option and in some states that decision had to be made when the ticket was purchased. As more jackpot winners opted for the cash, it relieved the long term investment burden of the lotteries. Today to be able to advertise the huge jackpots, the installments were extended from 20 years to 26 and 30 years. That's about 2/3 of an average lifetime and gives the lotteries the authority to decide an elderly jackpot winner can't collect all their winnings in their lifetime.
Basically you're scenario suggests a state lottery should decide what is best for all future jackpot winners with zero evidence other than their opinion that a few past jackpot winners spent their winnings unwisely. Maybe it's just because of the nature of the game that some players believe they have a vested interest in how the winners should handle their money, but the last thing we need is allowing an appointed government agency to deciding how we should handle our money.
There was a story about a $1 million winner that died of a drug overdose in less than a year. Do you really believe the lottery paying her 20 yearly installments of before tax $50,000 would have prevented that from happening?
Should all prize over $10,000 be paid in installments because a lottery official or even a state legislator believes in their opinions, some winners spent their winnings unwisely?
I paid a buck or two for the ticket and it's none of the lotteries or other players business what I do with MY winnings and the reason why the cash option was given in the first place.