The Motley Fool Discussion Boards
Retirement Discussions / Retire Early CampFIRE
|Subject: Re: $475 million lottery||Date: 5/16/2013 11:37 PM|
|Author: Art53||Number: 682236 of 757356|
"Ok. I'm not a regular lottery player.But I admit....I really, really, really wanna win that $475 million jackpot.I've invested $50.00 to that end.That would be just frigging sweet.Already started planning for it."
The Powerball annuity has now grown to $550 Million dollars. The cash option is ~ $350 Million. It is my understanding that the IRS will take 35% so after taxes the cash option will be $228 million? Hardly anyone takes the annuity when they win.
I went out and splurged today and spent $12.00 on lottery tickets. $4.00 for Megamillion tickets which is up to $190 Million and $8.00 for 4 Powerball tickets.
The annuity payout for Powerball is indexed for inflation for 30 years so you end up getting more at the end than at the beginning. Megamillions jackpot annuity is a simple 26 year pay-out where you get the same amount for 26 years.
But like I said, almost everyone who wins takes the cash option, even though it is significantly smaller.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|