Search

MM jackpot turns out to be $390mReply
The cap on PB is a limit on how much it can increase each time it rolls. Once the previous record is reached it can go up by no more than $25 million (annuity, of course) for the subsequent drawing. The previous PB record was 365, so if it rolls past 365 it will be limited by the lesser of actual sales or the $25 million cap. If it rolls to the mid-200's a subsequent roll could take it past 365 without reaching 395. If sales take it to 387 and it rolls again the cap would limit the next draw t
Mar 8, 2007, 2:22 am - KY Floyd - Jackpot Games Forum

Cancer victim struggles to get $1 million lottery prize in lump sumReply
It sounds to me like he's probably lucky there's no cash option... How can you say that? Mr Scheck probably thought the $1 million was lump sum. I'm sure he knows however that he would be liable for state and federal taxes regardless. The NY Lottery, if it insists on annuity-only scratch games for those with fixed payouts (as opposed to the lose for life variety) should experiment with a $1 million scratch game with two versions with basically the same name. The lower tier prizes and o
Feb 20, 2007, 6:40 pm - CASH Only - Lottery News

Cancer victim struggles to get $1 million lottery prize in lump sumReply
They've also been in discussions with several buyout firms, which would pay $467,000 to buy Schenk's ticket. But after taxes, that amount would be reduced by almost half. What does he think he'll get if he convinces the state to give him a lump sum for a 20 year annuity payout of $1 million? The extra 6 years for a MM annuity payout makes a significant difference compared to the 20 payments, and the MM cash value is only about 58% of the anuity value. If he does get the state to pay him a
Feb 20, 2007, 11:03 am - KY Floyd - Lottery News

One more annuity vs cash discussionReply
One thing that's certain is that there's only one person who would have taken lump sum in the 50's. Everybody else would have taken the annuity because the top tax rate ifrom 1951 through 1963 was 91% on taxable income over $400,000. Still, even with high tax rates $333,000 annually would have been an enormous amount of money, but if it only last for 15 years, how much they invested and how well they invested would have had a major influence on how their standard of living changed when the pay
Jan 16, 2007, 3:37 pm - KY Floyd - Lottery Discussion Forum

Michigan Post 11/20-11/26Reply
I did feel cheated with the annuity also. But if you look at it they are still giving the same amount out as other lotteries. They are giving $5,000,000 of the $10,000,000 in tickets that they sold. They just put it a way to give one extra million dollar winner and better odds. I know Michigan never used to be into the annuity prize but now anything a million or more is an annuity now. I don't know what happened. They sold out of them pretty fast. I bought one the first day last sunday
Nov 23, 2006, 10:08 am - Bradly_60 - Pick 3 Forum

Kansas Powerball lottery winner claims jackpot anonymouslyReply
nc6string...while the length of the Powerball annuity has not changed, the annuity payment schedule has changed. In the summer of 2005 Powerball went from an equal payout schedule to a graduated (4% increase per year) schedule. This change means the amount of cash set aside for the jackpot can purchase a larger annuity. This means a bigger advertised jackpot which in turn lessens the percentage of the cash payout of the jackpot. Interest rates do have an effect. Earlier this year the pa
Oct 6, 2006, 12:22 pm - CA LotteryGuy - Lottery News

Kansas Powerball lottery winner claims jackpot anonymouslyReply
They actually work very hard to get bidders with the highest rates, because doing so will make the annuity jackpot higher, which in turn drives more sales. It's not like MUSL executives are hoping to pay out a lower cash jackpot, and they pocket the difference or something. They pay out whatever there is, in its entirety. In fact, Chuck Strutt (head of MUSL) posted several messages at Lottery Post describing exactly how they calculate the annuity, based upon how much cash they have. (Not t
Oct 5, 2006, 11:05 pm - Todd - Lottery News

a poll about annuities and lump sumReply
CA Lottery Guy Someone here on the board has a sig that says, You can always buy a better annuity So I gues the point is that even if you want an annuity, take the cash lump sum from the state and find a better annuity than they'd offer.
Oct 1, 2006, 11:57 pm - Coin Toss - Lottery Discussion Forum

To SirMetroReply
Of course length of life is not guaranteed, but as noted here (and please keep in mind I am making the assumption that this applies to most states) http://www.galottery.com/gen/aboutUs/faq.jsp#5 The payments for the annuity continues to the Estate of the Winner for the remaining duration of the annuity. The duration of the annuity has a defined minimum payout value or period of time. In Georgia, The top prize of $1,000 a Week for Life will be paid quarterly in a lump sum of $13,000 each, f
Sep 19, 2006, 4:18 pm - SirMetro - Lottery Discussion Forum

To SirMetro
I have ALWAYS felt that players should have the option of collecting their prize in LUMP SUM should they win an annuity-based prize. The cash value of a lottery prize (minus withholdings, as this is the USA) is the personal property of the winner (or it should be) and not the government. NO lottery winner should be forced to receive periodic lottery payments (over X years or lifetime ) without being given the option of receiving the actual retail value of the annuity in lump sum. IMO th
Sep 19, 2006, 2:20 pm - CASH Only - Lottery Discussion Forum