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Why Would Anyone In Their Right Mind Choose Annuity instead of Cash Payout for Powerball?

Topic closed. 24 replies. Last post 11 months ago by sirbrad.

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Posted: January 12, 2016, 12:13 pm - IP Logged

Other than not trusting oneself with a large sum of money, why would anyone who won a Powerball Jackpot choose an annuity over a Cash Payout? I keep trying to think of any reasons and I can't think of one other than not trusting yourself.

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    ny, new york
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    Posted: January 12, 2016, 12:17 pm - IP Logged

    i cant imagine filing taxes every year for the annuity payments.. pain in the A** lol

     

    If you're in a state like NY and you're greedy.. i guess someone would go for the annuity in order to get more money.

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      Posted: January 12, 2016, 12:24 pm - IP Logged

      It's no way I will take a annuity, I would found two or three special banks that can handle that amount of money.  I would not truth the lottery/government with my money every year.

        LiveInGreenBay's avatar - driver
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        Posted: January 12, 2016, 12:30 pm - IP Logged

        It's no way I will take a annuity, I would found two or three special banks that can handle that amount of money.  I would not truth the lottery/government with my money every year.

        I agree.  National debt is over $19,000,000,000,000.   Unsustainable, when things come crashing down does anyone really think the money will be there for annuity payments?  The government will snatch-up that money so quick it'll make your head spin.

        Never give up.  Banana

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          Posted: January 12, 2016, 12:33 pm - IP Logged

          Yeah that's exactly how I think. Wasn't there already a State where they didn't have the money on hand to pay the lottery winner. Like I said, other than not trusting yourself with that large an amount of money it makes zero sense to take not take a Cash Payout.

            savagegoose's avatar - ProfilePho
            adelaide sa
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            Posted: January 12, 2016, 12:59 pm - IP Logged

            because I would be absolutely stoked with winning $30 mill, ad have a hard time spending it,and then i get to be dismayed at much richer i am the next year and get to try investing again  then again next year. and again, and again and again.... etc.


            say you chose an investment house that lost you %20 that 1st year? well now you know better!

             

            Not that ill be taking the annuity, but tats the sort of reasons i wouldnt mind if i got paid via one at this sized jackpot

            2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

            keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

              wander73's avatar - Lottery-038.jpg
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              Posted: January 12, 2016, 1:02 pm - IP Logged

              I heard go for cash.

                Raven62's avatar - binary
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                Posted: January 12, 2016, 1:22 pm - IP Logged

                Other than not trusting oneself with a large sum of money, why would anyone who won a Powerball Jackpot choose an annuity over a Cash Payout? I keep trying to think of any reasons and I can't think of one other than not trusting yourself.

                Spreading the payments over time guarantees a steady income stream, and can help reduce taxes.

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

                  savagegoose's avatar - ProfilePho
                  adelaide sa
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                  Posted: January 12, 2016, 1:23 pm - IP Logged

                  oh and the gov uppig top rates back to %90 being a risk prob worth considering, dont forget the witholding tax on moving large sums out of the country

                  2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                  keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

                    Raven62's avatar - binary
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                    Posted: January 12, 2016, 1:29 pm - IP Logged

                    Other than not trusting oneself with a large sum of money, why would anyone who won a Powerball Jackpot choose an annuity over a Cash Payout? I keep trying to think of any reasons and I can't think of one other than not trusting yourself.

                    Become More Informed Before Deciding: http://www.businessinsider.com/should-you-take-the-annuity-or-the-lump-sum-if-you-win-the-lottery-2013-9

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

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                      Posted: January 12, 2016, 1:32 pm - IP Logged

                      Spreading the payments over time guarantees a steady income stream, and can help reduce taxes.

                      The flip side to that is that the money is worth what it's worth now. Who knows how much it will be worth in 10, 15, 20 or 30 years.

                      At least by choosing cash now you can position yourself better for the future (secure and off the grid); at least that's my thinking.

                        Raven62's avatar - binary
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                        Posted: January 12, 2016, 1:44 pm - IP Logged

                        The flip side to that is that the money is worth what it's worth now. Who knows how much it will be worth in 10, 15, 20 or 30 years.

                        At least by choosing cash now you can position yourself better for the future (secure and off the grid); at least that's my thinking.

                        When they eliminate Cash and only Digital Money exists their will be no Safe & Secure Off-Grid Money.

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

                          savagegoose's avatar - ProfilePho
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                          Posted: January 12, 2016, 1:48 pm - IP Logged

                          When they eliminate Cash and only Digital Money exists their will be no Safe & Secure Off-Grid Money.

                          2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                          keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297

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                            Posted: January 12, 2016, 1:59 pm - IP Logged

                            <Moved to Jackpot Games forum>

                            Please post in the appropriate forum ... thank you.

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                              Posted: January 12, 2016, 2:17 pm - IP Logged

                              When they eliminate Cash and only Digital Money exists their will be no Safe & Secure Off-Grid Money.

                              I didn't mean safe and secure off the gird money.

                              By safe, secure and off the grid I meant the winner and their residence. One can easily plop some money down on a large plot of land and build a self sustaining home(s), secure it and invest in tried and true currencies like precious metals. Heck if you're so inclined you can even buy gold/silver etc smelt it yourself.

                              All the while one can still live off the interest of what's left of the lump sum payout.

                              Or you could chose the 30 years payment and hope it doesn't get defaulted on or those 8 figure a year payments not be worth what  they are today.

                              Then there is the always reaching hand of the government. You know what the taxes are now, who knows what they will be in the future...