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If you were a Lucky For Life winner...

Topic closed. 31 replies. Last post 10 months ago by lotteryrush.

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If you won a Lucky For Life jackpot, would you take lump sum or a daily payout for life?

Lump Sum [ 17 ]  [51.52%]
$X,000/day for life [ 15 ]  [45.45%]
Undecided [ 1 ]  [3.03%]
Total Valid Votes [ 33 ]  
Discarded Votes [ 1 ]  
lulu1feather's avatar - 2uehclf
Oregon
United States
Member #168137
August 17, 2015
124 Posts
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Posted: February 1, 2016, 11:19 am - IP Logged

If you were in Michael Donnellys shoes, would you have taken the lump sum, or $1,000 per day for the rest of your life?

 

"FALLS CHURCH, Va. — A Virginia grocery store employee's mistake during Powerball jackpot fever earlier this month ended up turning into a $7 million windfall.Michael Donnelly was ringing up Powerball tickets for customers at the Harris Teeter store in Falls Church. But for one transaction, he accidentally punched the wrong button on the lottery terminal and printed a Cash4Life ticket that the customer didn't want.Donnelly ended up buying the "mistake" ticket for the January 7th drawing and it turned out to be winning ticket for the game's top prize. According to Virginia Lottery, the odds of winning the top prize for Cash4Life are 1 in 21.8 million.

The Woodbridge man chose the one-time lump sum of $7 million over the option of receiving $1,000 per day for the rest of his life.

After he called his wife about the big jackpot win, she told her husband, "If that's true, you have to come home because I'm about to have a heart attack!"Harris-Teeter received a $50,000 bonus from Virginia Lottery for selling the winning ticket."It still hasn't hit me yet," Donnelly said."

 

I think I am still undecided at this present time. What are your thoughts?

    rcbbuckeye's avatar - Lottery-043.jpg
    Texas
    United States
    Member #55889
    October 23, 2007
    5595 Posts
    Online
    Posted: February 1, 2016, 11:25 am - IP Logged

    Lump sum....always.

    A bird in hand is worth 2 in the bush.

    CAN'T WIN IF YOU'RE NOT IN

    A DOLLAR AND A DREAM (OR $2)

      RJOh's avatar - chipmunk
      mid-Ohio
      United States
      Member #9
      March 24, 2001
      19825 Posts
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      Posted: February 1, 2016, 11:29 am - IP Logged

      While Cash4Life and LuckyforLife top prizes are the same, are their cash values the same?

       * you don't need to buy more tickets, just buy a winning ticket * 
         
                   Evil Looking       

        rcbbuckeye's avatar - Lottery-043.jpg
        Texas
        United States
        Member #55889
        October 23, 2007
        5595 Posts
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        Posted: February 1, 2016, 11:31 am - IP Logged

        While Cash4Life and LuckyforLife top prizes are the same, are their cash values the same?

        Have no idea. We don't have the "for life" games in Tx. But any other game that has a choice, I'm going with the lump sum.

        CAN'T WIN IF YOU'RE NOT IN

        A DOLLAR AND A DREAM (OR $2)

          dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
          Oklahoma
          United States
          Member #82391
          November 12, 2009
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          Posted: February 1, 2016, 11:33 am - IP Logged

          If I can claim as a trust I would take the $1,000 per day if not then I would take lump sum. I wish Oklahoma would get this game but no our legislation won't allow it  Mad Bang Head

          I Love Pink & Green 1908

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            New Member

            United States
            Member #172489
            January 26, 2016
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            Posted: February 1, 2016, 11:37 am - IP Logged

            An actuary once told me that you should take the payment option and sell it to a life insurance company - that they will typically pay you significantly more than the lump sum option.  Something to think about if you find yourself in that position...

              rcbbuckeye's avatar - Lottery-043.jpg
              Texas
              United States
              Member #55889
              October 23, 2007
              5595 Posts
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              Posted: February 1, 2016, 11:38 am - IP Logged

              If I can claim as a trust I would take the $1,000 per day if not then I would take lump sum. I wish Oklahoma would get this game but no our legislation won't allow it  Mad Bang Head

              Your casinos up there are probably making the state hold off on any other games.

              CAN'T WIN IF YOU'RE NOT IN

              A DOLLAR AND A DREAM (OR $2)

                dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
                Oklahoma
                United States
                Member #82391
                November 12, 2009
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                Posted: February 1, 2016, 12:01 pm - IP Logged

                Your casinos up there are probably making the state hold off on any other games.

                Probably......heck legislation won't even allow for scratch-off tickets over $5.00 with a jackpot of $50,000.00 Bang Head

                I Love Pink & Green 1908

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                  Kentucky
                  United States
                  Member #80614
                  October 1, 2009
                  16 Posts
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                  Posted: February 1, 2016, 12:37 pm - IP Logged

                  The cash option for Win for Life is $5,750,000 and $7,000,000 for Cash 4 Life.

                  I will quit playing the lottery, as soon as I break even.

                    zephbe's avatar - animal butterfly.jpg
                    South Carolina
                    United States
                    Member #77167
                    July 15, 2009
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                    Posted: February 1, 2016, 1:24 pm - IP Logged

                    Because of my age I would take it lump sum.  If I was 20 years younger I would take the annuity.

                    Every champion was once a contender who refused to give up.-Rocky Balboa

                    “Don’t let someone who gave up on their dreams talk you out of going after yours.” – Zig Ziglar

                      RJOh's avatar - chipmunk
                      mid-Ohio
                      United States
                      Member #9
                      March 24, 2001
                      19825 Posts
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                      Posted: February 1, 2016, 2:38 pm - IP Logged

                      The cash option for Win for Life is $5,750,000 and $7,000,000 for Cash 4 Life.

                      With Lucky for Life cash value being $5,750,000 and Cash4Life being $7,000,000 the decision could depend on the game.

                       * you don't need to buy more tickets, just buy a winning ticket * 
                         
                                   Evil Looking       

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                        London
                        United Kingdom
                        Member #140684
                        March 24, 2013
                        566 Posts
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                        Posted: February 1, 2016, 2:51 pm - IP Logged

                        Well, considering I am 22... I would take the $1000 a day option for sure....... although the cash would tempt me!

                        2016 Won/Lost

                        EuroMillions / Spent: £22 / Won £0 / Total -£22

                        UK Lotto / Spent: £4 / Won: £0 / Total: -£4

                        2016 Total: -£24

                        Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

                         

                        EuroMillions = £2 Line / Played: x11 [old price] 

                        EuroMillions = £2.50 Line / Played: x0

                        UK Lotto = £2 Line / Played x2

                          Avatar
                          New York
                          United States
                          Member #157288
                          July 14, 2014
                          170 Posts
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                          Posted: February 1, 2016, 3:04 pm - IP Logged

                          Some States also allow you to put the prize in a child's name. The payments will then go into an account that the parent(s) control.

                          Something to think about...

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                            London
                            United Kingdom
                            Member #140684
                            March 24, 2013
                            566 Posts
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                            Posted: February 1, 2016, 6:08 pm - IP Logged

                            I just checked the UK Lottery website for 'win for life' games and we don't have any except for 1 scratcher which costs £1 and it's not even win for life, it's win £1000 a month for a year! 

                            https://www.national-lottery.co.uk/c/files/scratchcards/1kamonthforayear.pdf~2

                            Camelot really need to revamp the other 2 draws/games they have....

                            Thunderball is terrible and Hot Picks doesn't seem to be all that good either, it's just a game that piggybacks off the UK Lotto results!

                            2016 Won/Lost

                            EuroMillions / Spent: £22 / Won £0 / Total -£22

                            UK Lotto / Spent: £4 / Won: £0 / Total: -£4

                            2016 Total: -£24

                            Jan: -£22 Feb: £0 ~ Mar: £0 ~ April: £0 ~ May: £0 ~ June: £0 ~ July: £2

                             

                            EuroMillions = £2 Line / Played: x11 [old price] 

                            EuroMillions = £2.50 Line / Played: x0

                            UK Lotto = £2 Line / Played x2

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                              Maryland
                              United States
                              Member #162434
                              January 2, 2015
                              887 Posts
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                              Posted: February 1, 2016, 6:21 pm - IP Logged

                              The cash option for Win for Life is $5,750,000 and $7,000,000 for Cash 4 Life.

                              YEA!!!!! We just got Cash 4 Life 7 mil vs 5,75 !!! Hurray!