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Close Encounter guys!!Reply
I think many people are buying Powerball tickets (instead of scratch tickets) as stocking stuffers this Christmas. It's a good thing that the cash/annuity choice for Powerball is made _after_ you win (in case certain gift-givers don't know better, and harried ticket sellers mistakenly push the wrong button, since PB tickets cannot be canceled).
Dec 23, 2002, 3:21 am - CASH Only - Jackpot Games Forum

Don't forget Mega Millions!Reply
Todd: I live in Westchester Co (east of the Hudson). If I lived in Rockland Co (Nyack, Nanuet, Suffern, etc) I would buy all my Mega Millions tickets in New Jersey (even though I still would have to pay state tax, as a NY resident). No hassle with having to make up my mind when I play (though you know I want the lump sum anyway.) Plus the NY Lotto 6/59 still returning only 40% in prizes, and, the NY Lottery's attitude towards how big scratch-off prizes are paid (currently all scratch games over
Dec 22, 2002, 8:32 am - CASH Only - Jackpot Games Forum

Annuity Option a waste?Reply
Bradly: Michigan Millions has a cash option (I would think WINFALL will also), and, Mega Millions has a cash option wherever it's played. Here in NY, all scratch games available since late 2000 with a top prize over $500,000 are ANNUITY-ONLY, as well as the Lotto free plays through one of the scratches.
Dec 21, 2002, 11:02 am - CASH Only - Lottery Discussion Forum

Annuity Option a waste?Reply
It's an advertising gimmick. That's why Powerball went to a 30 year annuity from a 25 year. So the advertised jackpot would be higher. 215 million does sound better than 63 million(cash option after taxes)
Dec 20, 2002, 10:18 pm - Thomas Covenant - Lottery Discussion Forum

Cash Vs. Annunity, revistedReply
But who goes broke more often, those who take the CASH or those who take the annual payments?? I know that Bud Post and Curtis Sharp had to take annuity, because the cash option didn't exist back then. But I haven't heard of anyone going broke after taking the cash.
Dec 18, 2002, 1:48 pm - rundown99 - Lottery Discussion Forum

Cash Vs. Annunity, revistedReply
tc: I think the repeal of the estate tax(es) is TEMPORARY-until 2010 or so. Taking the annual payments means each annuity check is subject to the tax laws in force THEN instead of now. The idea is to keep as much control over your money as possible; if you invest aggressively making sure the risk is very low.
Dec 18, 2002, 12:39 pm - CASH Only - Lottery Discussion Forum

Close Encounter guys!!Reply
What added earnings? An annuity has a fixed interest rate over a specific period of time. (At least the type of annunity the lottery buys)
Dec 18, 2002, 12:29 pm - Thomas Covenant - Jackpot Games Forum

Close Encounter guys!!Reply
RJ: Unfortunately there is no guarantee that somebody winning tonight would still be alive at Christmas 2031. Don't forget what happens to the heirs if a winner dies before receiving all the annuity payments.
Dec 18, 2002, 10:51 am - CASH Only - Jackpot Games Forum

Powerball $160 million Wed 12/18Reply
Secret: Mr Sharp was supposed to collect his last check this month; Mr Post would in 2013. Hopefully if any of us wins, we will learn from their mistakes, and not be saddled with years of annuity payments.
Dec 17, 2002, 1:45 pm - CASH Only - Jackpot Games Forum

Powerball $160 million Wed 12/18Reply
But, of course, whether you take the lump sum or payments, you will still have to fight greedy relatives and pay substantial fees to financial advisors. It totally depends on how well you are capable of managing money. Curtis Sharp and Bud Post won when the annuity had to be given out, but they probably would have been broke anyway with the problems they had.
Dec 17, 2002, 10:51 am - rundown99 - Jackpot Games Forum