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If you were a Lucky For Life winner...

Topic closed. 31 replies. Last post 11 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 ]  
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A long and winding road
United States
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Posted: February 1, 2016, 6:37 pm - IP Logged

lump sum. reason: taxes will go up, so take the money and keep it out of Uncle sams hands. Why keep uncle sam in your payout each year? He'll just keep taking and taking.

~~Is it true, Is it kind,Is it necessary. ~~~

pa:888,4445,6132,4444,8008

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    Posted: February 1, 2016, 7:44 pm - 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...

    But that might incur paying state and federal taxes twice on it.

      OldSchoolPa's avatar - Lottery-057.jpg
      Gurnee, Illinois
      United States
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      February 12, 2007
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      Posted: February 1, 2016, 7:52 pm - IP Logged

      I would consult with a tax accountant and an attorney. Even though I am a shade over 40, I believe I am not even half way through my life span...so I would be inclined to take the annuity and never, ever vote for any Democrat politician. However, if Hillbill or Bernie are elected this year, I would take the lump sum and run to Singapore!

      Get MONEY!!! Winning a JACKPOT lottery is all the HOPE and CHANGE I desire!!!  NOW give me MONEY!US Flag

      The guy who won the presidency in 2008 really won the lottery...he is now millions richer, travels in first class style, and even has a staff that would be the envy of the richest Powerball winner (she has a staff of 2). Every night he goes to sleep, he probably plays the close of Dave Chappelle's Show: I'm rich beyatch!

        mrbg's avatar - NofVcy
        Nashville,TN
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        Posted: February 1, 2016, 8:03 pm - IP Logged

        Cash!!!!!

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          November 6, 2015
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          Posted: February 1, 2016, 8:12 pm - IP Logged

          Everyone says lump sum but I might strongly consider the annuity.  It just feels like payday everytime I receive a check.

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            Idaho
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            Posted: February 1, 2016, 8:13 pm - IP Logged

            Can you imagine getting $1000 a day?  I can't.  But I'd take it, sure.  Now, how would they pay that out?  Once a week, once a month?

            La Maga Della Spaziometria

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              Arizona
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              Posted: February 1, 2016, 9:07 pm - IP Logged

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

              I'm not quite as young as you, but as a 35 year old with three living grandparents in or nearing their 90s, it's likely that I'd also be much better off with the continuing payments.

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                Arizona
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                Posted: February 1, 2016, 9:09 pm - IP Logged

                I would consult with a tax accountant and an attorney. Even though I am a shade over 40, I believe I am not even half way through my life span...so I would be inclined to take the annuity and never, ever vote for any Democrat politician. However, if Hillbill or Bernie are elected this year, I would take the lump sum and run to Singapore!

                Just so you know, $1000/day ($365,000/year) isn't even in the top tax bracket. You'd be safe even under Bernie.

                  larry3100's avatar - larry icon2.jpg
                  Redwood City,California
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                  Posted: February 1, 2016, 9:53 pm - IP Logged

                  Most likely, If Bernie Sanders becomes the next President, there won't be a national lottery. Bernie would make it illegal or at the least, make it where you could only win $50,000. Socialism, at it's best.

                    TheMeatman2005's avatar - lightening
                    Brooklyn, NY
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                    Posted: February 2, 2016, 2:55 am - IP Logged

                    Can you imagine getting $1000 a day?  I can't.  But I'd take it, sure.  Now, how would they pay that out?  Once a week, once a month?

                    It's paid once / year.

                    The Meatman

                    “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                    Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                      TheMeatman2005's avatar - lightening
                      Brooklyn, NY
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                      Posted: February 2, 2016, 3:02 am - IP Logged

                      If I were to win a "cash 4 life" game, I would call my (25 year old) daughter and have her claim the prize in her name. 

                      I would then give her & her siblings a share and I get the rest until I meet my maker. Then they would split the money evenly amongst themselves.

                      My theory is...if you are under 40 years old, take the payments. Over 40, take the cash!

                      The Meatman

                      “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                      Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

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                        Posted: February 2, 2016, 10:27 am - IP Logged

                        I'd take 1000 a day because I can't see 7 mill paying out that much interest in today's markets in safe stocks, bonds and other investments that keep the principal in tact.  The lump sum is an insult.

                          TheMeatman2005's avatar - lightening
                          Brooklyn, NY
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                          Posted: February 2, 2016, 11:01 am - IP Logged

                          I'd take 1000 a day because I can't see 7 mill paying out that much interest in today's markets in safe stocks, bonds and other investments that keep the principal in tact.  The lump sum is an insult.

                          The $7 mil lump sum payment represents a 20 year life span.

                          That's why I said, in a previous comment, if you're under 40, take the payments and if you're over 40 take the cash.

                          The Meatman

                          “The quickest way to double your money is to fold it in half and put it in your back pocket.” Will Rogers

                          Winning happens in a flash, Like A Bolt Of Lightning!  Patriot

                            tnlottodreamer's avatar - animal bear.jpg
                            The Great Smoky Mountains
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                            Posted: February 2, 2016, 1:53 pm - IP Logged

                            I would take the lump sum so that I can buy me,my daughter,my son a nice home.

                            I Agree!*** You Can't Win, If You Don't Enter***

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                              Posted: February 2, 2016, 6:29 pm - IP Logged

                              we're getting it here in NC this month. If it's just a grand a week I'll take the lump but the 7k a week I'll take it yearly