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20 years from now, hell 5 or less years from now, that top tax rate is going to be a lot more than 35%. Take the lump sum, always. No way you're going to clear the same amount 20 years from now than year 1. The government is always going to take more and more.
One issue that has arisen on this thread. While the FDIC insures your deposits up to $250,000 gratis, it is quite possible to buy additional insurance on your account in case the bank fails.
At my age, betting on 20 years is has higher odds than winning the Lotto. I'll take the cash
Here with you as well. Lump sum for me.
I don't think I have a total of $100 "invested" in the lottery over a 35 year period but when played I always opted for the annual payments.
If I won I wouldn't want to be an investor ore anything like that. Give me a house worth $1 million, an airplane worth $300k and a $30k month "allowance" and I would be happy and content the rest of my life.
Winning isn't always the best thing for some people.
• William "Bud" Post, who won $16.2 million in the Pennsylvania Lottery in 1988, had a brother who tried to have him killed for the inheritance. Post lost and spent all his winnings. He was living off Social Security when he died in January.
• Two years after winning a $31 million Texas Lottery in 1997, Billie Bob Harrell Jr. committed suicide. He had bought cars, real estate, gave money to his family, church and friends. After his death it was not clear whether there was money left for estate taxes.
• Victoria Zell, who shared an $11 million Powerball jackpot with her husband in 2001, is serving time in a Minnesota prison, her money gone. Zell was convicted in March 2005 in a drug- and alcohol-induced collision that killed one person and paralyzed another.
• Evelyn Adams, who won the New Jersey Lottery twice, in 1985 and 1986, for a total $5.4 million, gambled and gave away all of her money. She was poor by 2001, and living in a trailer.
Lump sum for many of the reasons listed by others. I really don't trust the govt and would rather take my winnings now rather than worry about how they could mess it up.
House paid in cash
Couple cars
Some investments
Bunch of 250k FDIC insured accounts
Couple million in fireproof safe at residence mix of cash/silver/gold
Never work for anyone again and the easy life starts.
Lump sum because I want to and don't want to have to deal with the government any more than necessary for the next 20 years. If that makes me stupid then so be it. Why would I voluntarily allow the government to make interest for free on my money for 20 years? I'd rather bury it in coffee cans in the side of a glacier.
I'm thinking something like this too. And what another poster said about the payments ending if I die. 6 million is a hell of a lot of money and Iv' done well with real estate investing so far. It is true that you will be as good or bad with finances as you have ever been, so I feel I can be trusted to do well with a lump sum.
If I won $20 million I'd take it over 20 years. I'd be able to live comfortably on a million a year. No chance of blowing it ahead of time and if someone asked for a "loan," of a million, sorry I don't have it now.
Cash for me! As a 65 year old Male the shock of winning a HUGE Lottery would probably be enough to give me a heart attack and finish me off.
GL2
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in the lottery over a 35 year period but when played I always opted for the annual payments.
