...how would you have the money awarded? Cash or annuity? It looks like the winners almost always choose cash!
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Annuity
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Annuity! The nytimes has an interesting front page article on this. Followed by an article on how I will never, ever win. Ha
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Cash--I'd be afraid (however illogically) that something would happen to the system over time and the annuity would stop.
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Cash. Either way it's an insane amount of money. I think if I got the lump sum, I could invest it to make more out of it. Plus that way I have it all right away in case anything ever happened.
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Cash! I used to think annuity but my husband's arguments swayed me to cash.
@babypugs: the state of Illinois is having this problem now.
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Cash. This sounds morbid, but if you die, the money stops (I think. Correct me if I'm wrong) I'd rather have it all at once so I can tuck it away for my kids. And buy a home on a tropical island. Or, just buy the whole island
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@jlm22: Actually, according to the NY times article, payments are guaranteed to your estate if you pass away.
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@JennyG: you're right, I was just reading about it. I think your family or whoever gets screwed with taxes though. So I think I would still do cash. I'm talking about this like I have a chance to win, lol.
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I've always heard to take the cash. Time value of money, opportunity cost, etc.
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Cash - if you take the lump sum and properly invest it, you come out way better than taking the annuity.
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Has there ever been a 100M+ jackpot that was paid out via annuity? I guess I could Google that. It certainly seems like you only ever hear of cash payout in these large jackpots.
Annuity has some appeal to me...
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Annuity
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Annuity for sure - wasn't it something ludicrous like $29 million for 30 years? I don't care how much would go to taxes, that much per year would still be an insane amount of money!
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Annuity! I'd want more of my total earnings.
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I voted annuity but some of your comments are making me second guess myself, so now I'm undecided!
I love fantasizing about winning the lotto, though. I don't even know if we have powerball tickets, haha.
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Cash. And invest it to provide myself a stream of income. I think if you have a history of questionable financial decisions then you should take the annuity to protect you from yourself. I trust myself to be smart with the money. I work in financial management so that aspect doesn't concern me. If I won I would work with tax and estate planning attorneys to establish a trust to claim the prize and only disclose our billionaire status to close friends and family. My husband and I like to discuss this frequently
If we won we would pay off the mortgages of our parents and siblings, buy ourselves a new home here (but nothing insane, probably a $3mm budget) and a new home near our parents, a new car for my husband, and then set up education trusts for our two kids, our niece, and our two nephews. Everything left over would be invested and we would never touch the principal, just live quite well off interest and dividends.
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Cash. I'd want the money immediately, then I'd invest it accordingly so that i put it to work immediately. In a situation like the lottery, it's a "one in the hand is worth more than two in the bush" kind of thing to me.
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@jlm22: Ha, i know what you mean about talking about it as though it is happening. DH got into a heated discussion about whether we would buy a private jet or just use private jet company. Ummm, neither. You're not going to win or have to worry about it.
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Oh cash for sure. Just give it to me!!
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Cash. Put it in an account that makes at least 3%/yr and live off the interest.
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Cash - Since I'm in with a work pool, I'd want my money now... sayonara suckers!
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Ditto on the cash comments and investing it correctly. You'll come out on top. Think this was discussed in my finance class back in college as well. We compared the cash value vs the annuity payouts and cash was always better no matter what the amount was.
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Cash. Even the cash out amount is way more than I could ever spend. I'd take it immediately, build our dream house, pay off family's debt, and sit on it the rest of my life.
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Cash. I would want to pay off my family's mortgages and buy a house for my sister and BF can't do that all at once with annuity. Then invest well.
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I used to say annuity, but now I'm thinking cash. I'd pay off my mortgage, buy my parents a house, set aside trusts for my niece/nephew/children's college funds, and then invest it and live off the interest. I'd still work though. Both of us want to fund some scholarships for our alma mater too, and I'd like to give some to my church.
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Cash all the way. Even if you lose a lot by doing it this way I would absolutely want it all upfront anyway. Annuity is best for people who are afraid they won't know how to manage money and would make bad decisions, or don't mind getting installments in order to get more over time.
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Cash. I don't want anyone holding my money for me, thanks!
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I would do either, but everyone always tells me to take cash LOL! Good thing I don't have to worry about every making that decision
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Cash...because I like to use the machines and I don't think they offer the annuity option. But if I could choose, I'd go with annuity.
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@Mrs.KMM: this is what my husband who works in finance says too.
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Cash!
@Truth Bombs: agree. Rather invest myself -
I keep going back and forth about it (even though I refuse to buy a lottery ticket)
Can I take half in cash and the other half in the annuity? Ha.
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Cash! If I want someone holding my money for me I want it to make interest.
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34 comments