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WINFALL winner takes annuity.

Topic closed. 3 replies. Last post 13 years ago by CASH Only.

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Bradly_60's avatar - disney37
Thread Starter
Atlantic Mine, Michigan
United States
Member #416
June 23, 2002
1614 Posts
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Posted: March 22, 2004, 9:25 pm - IP Logged

Why would you take annuity when the jackpot amount was only $5 million (I use the term "only" loosely)?  I could see maybe a $100 million jackpot winner taking annuity but only $5 million.  What do you guys think?

The winner selected annuity payments for her jackpot winnings.  She collected her first installment check of $182,470 (before taxes) during her recent visit to Michigan Lottery headquarters, to be followed by 29 annual installments of $180,200 per year (before taxes).

Why wouldn't you just get it over and take home $2 million?

Brad

    Todd's avatar - Cylon 2.gif
    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23766 Posts
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    Posted: March 22, 2004, 9:36 pm - IP Logged

    I would say it's a highly personal decision, and who knows what her personal financial situation is like.  Maybe she's the type who would blow the whole thing at once.  I've seen many stories about people who many years later are very thankful that they didn't take the cash all at once.

     

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      Lotto Czar's avatar - sam
      Harrisburg, Pa.
      United States
      Member #3093
      December 23, 2003
      233 Posts
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      Posted: March 23, 2004, 6:48 am - IP Logged

      Cant resist saying that Jack Whittaker wasn't one of them!  Ha Ha.


        United States
        Member #379
        June 5, 2002
        11296 Posts
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        Posted: March 23, 2004, 10:28 am - IP Logged

        Shame on her!

        How old was she?

        The only other thing I can think of is that AFAIK the top tax bracket is 311k+.