General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAbout that unclaimed lottery jackpot...It has been claimed
Last edited Tue Mar 5, 2019, 11:57 AM - Edit history (1)
The winner, a South Carolina resident, has chosen to remain anonymous and elected to collect the winnings in a one-time payment of $877,784,124 the largest jackpot payout to a single winner in U.S. history, the lottery said in a news release.
Read more here: https://www.charlotteobserver.com/news/state/south-carolina/article227101379.html#storylink=cpy
shanny
(6,709 posts)Setting up a system to preserve anonymity and a new life.
Luciferous
(6,078 posts)JustABozoOnThisBus
(23,339 posts)... to stave off the visits from relatives.
Codeine
(25,586 posts)will see this news and realize how silly they sounded.
former9thward
(31,997 posts)Awsi Dooger
(14,565 posts)So often in Las Vegas all I had to do was allow all the adjusters to screw up a betting line by overreacting to their biases. Sit back until the price cooperates and then wager on wonderful normalcy.
Same here. Can you imagine what the price would have been, if the posters in that thread had been able to assign the odds?
Scary
fascisthunter
(29,381 posts)nor seen it on DU.
Blue_true
(31,261 posts)cbdo2007
(9,213 posts)so sometimes we are wrong and other times the official story is wrong. It's all part of the fun with online message boards and the news in general, lol.
ret5hd
(20,491 posts)Takket
(21,563 posts)and not the annuity?
a lot of lottery winners lose it all.... the annuity basically guarantees no matter what stupid ass move you make to blow your money, you still get a fat check every year.
i can see it for a smaller jackpot but this one... every year you are going to get more money than you could spend in a year anyway!
unless the winner is quite old and wants to give the money out to their family.
trueblue2007
(17,217 posts)Progressive Jones
(6,011 posts)I have no faith that I'd collect for 25 years, or whatever the payout period is.
I have no faith that the rug won't be pulled out from under me by some political malfeasance.
That winner just collected on the greatest investment ever made. Turned $2.00 into over 3/4 of a billion dollars.
Blue_true
(31,261 posts)It is the same concept as a Trust. Some Family Trusts are hundreds of years old. There are insurance companies like Lords of London that have specialized in that field for many decades.
George II
(67,782 posts)Totally Tunsie
(10,885 posts)JoeOtterbein
(7,700 posts)MineralMan
(146,288 posts)My plan for such a lottery win would be to carefully give it all away before I died, while enjoying my aging as I pleased. I have no children to pass it along to.
If I won such a sum, I'd make it my life's work to distribute it in a way that produced the maximum good effects. My wife agrees with that, too. We'd make sure we would do OK, financially, but the goal would be to spread that money around in useful ways.
madinmaryland
(64,931 posts)Trump has hemorrhaged billions for years. The epic failure.
Traildogbob
(8,731 posts)At least they will be in the winning tax bracket Ryan is so proud of. Just hope they are not or become GOP just to protect that status.
defacto7
(13,485 posts)Not much.
Are_grits_groceries
(17,111 posts)defacto7
(13,485 posts)Are_grits_groceries
(17,111 posts)Just yanking your chain.
SC is a weird state.
Vinca
(50,269 posts)3Hotdogs
(12,374 posts)tclambert
(11,085 posts)3,511,136,496 of them, please. That's 43,889,206.2 pounds.
Codeine
(25,586 posts)Ms. Toad
(34,069 posts)The $877,784,124 is the lump sum payment (rather than the $1.5 billion paid out over time). Received in one lump sum, 37% federal income tax will be due on the bulk of the money, knocking it back to closer to half a billion.
DontBooVote
(901 posts)Also says it was $1.5B in the body of the article...at the link.
Ms. Toad
(34,069 posts)with the taxes owed on the winnings (regardless of whether you get the lump sum or the installent payments).
Thats the decision for one lucky person in South Carolina who holds the winning Mega Millions ticket for the second-largest jackpot ever.
The winner has two options: Take a lump sum payment of $878 million or get paid the entire jackpot over 30 annual payments.
https://www.usatoday.com/story/money/2018/10/24/mega-millions-should-winner-take-lump-sum-annual-payments/1749411002/
The lump sum payout is the present day value of 1.5 billion - the amount that - if invested - would grow into 1.5 billion over the 30 years. It's sort of like a mortgage You can pay the sticker price for your new home all at once (a smaller amount) or you can make mortgage payments over 30 years (which will be a much larger amount because the payments include interest on the amount for up to 30 years).
Whatever you get in a single year is taxed - for an amount this large - mostly at 37%. Since he's taking the smaller one-time payout - all of it will be taxed this year - so he only gets (roughly) 63% of 800+ Million - or roughly 500 Million.
DontBooVote
(901 posts)Thank you, Ms. Toad.