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Was discussing the lottery and winning with some friends. We were debating whether it would be best to take a lump sum payment, or yearly installments. So I was wondering, if any of the members here were to win the lottery; would you take a lump sum payment, or the yearly installments?

Although I would take a bigger tax hit, I would go for the lump sum. I want it all NOW. Just would be afraid I would die before getting all the payments. Plus I am very greedy. Instant gratification is the key.

I would take it in one payment, then share the good fortune amongst family and friends :-6

I'd take installments because a lump sum would be too easy to spend away and also because I want all of the money, no "punishment" for taking it at once. A lump sum would set me up nicely and I'd also invest some.

My hubby plays the lottery all the time :rolleyes: It drives me crazy, because he has a better chance of getting hit by lightning TWICE than of winning!

But I don't get on him too much, because I would like to be standing right beside him if/when he *does* win :p

BTW, he said he'd take the lump sum.

LUMP SUM!! I agree with Marie and Suzy!! and Mr. Cher:-6

I know I'd have to pay taxes, but get it over with and then I could do what I want to...this is a dream of mine...to give to friends and family and children that are needy. Would love to give to legitimate charities!!

I play when I think about stopping at a gas station that sells them, other than that..I just miss out.

WonderWendy3;534036 wrote: Mr. Cher:-6


That just cracks me up

cherandbuster;534039 wrote: That just cracks me up


but does it crack HIM up???

let him know it's said with lots of :-4

Lump sum.

I dunno Pom, that's a good question.

My hubby would take it installments. Apparantly when you request lump sum, you don't get the entire amount of the winnings. And then what you do get you have to pay taxes on still.

As for me, I dunno. I can't even remember to cash in my scratch off's, so I don't even bother with the lottery tickets.

All right a lotto thread;)

Did you hear about the dog who won the lotto?

He bought his owner a bone.

I think lump sum is good if your old. If my son won it with his position I would select the anual pay out.

I think taking it over time is a good way to avoid getting a massive tax hit.

But if you don't plan to quit working you putting yourself into a higher bracket year after year if you don't just take a lump sum.

For me it would be tax and age related. Younger I wouldn't want to take the tax hit. So for the next 20 years I'll probably go annuity. Older then that I'll probably take lump sum. But then I'll also need to start taking distributions out of the retirement accounts.

So the truth is I don't know; but, it is fun to think about;)

LottoMagicZ4941A

PS which MLM would Ted Nugent be most likely to join?

I would want the lump sum, its just better init? I mean I know the installments are probably better, but they are more boring, and you might as well large it if you do win, I am not sure how high the Euro millions has got to over here, but its definetly been near the €200 million mark, thats a lot of currency!

pompom;534250 wrote: I found a lotto ticket from 2002 under a chair the other day. (No comments re my housekeeping please :p ) We have 6 month cut off point here, after which you can't claim. Is it the same there?


I have no idea, it may be a year or less. It depends I think state to state. But I do know the scratch off's have expiration dates. :wah:

jesse b;533987 wrote: uk lottery is one payment

i would want to see it all in cash just too roll in


It's also TAX FREE!!!!!

pompom;534151 wrote: As Jesse said in UK you get it in one. I wouldn't go for instalments if there was the choice.

What happens in US if you die? Do the instalments get paid to your heirs?


I think you would have to designate in your will who gets the remaining installments...so there is no problem after you go. "Well...pompom said I would get the rest of it"

take it now. cuz there's no guarantee that the Lottry commission will still be in business in 20 years.

true, you'll get less money than the jackpot was worth, but you'll at least have it.

Take it now & bank it or invest it. The interest will make you more in thirty years than the extra money the installments will give.

Accountable;534524 wrote: Take it now & bank it or invest it. The interest will make you more in thirty years than the extra money the installments will give.


That's what I'm thinking...plus they get the interest all those years on the money owed to me...MY MILLIONS!!...ha...like that's gonna happen...hey a girl can dream can't she??

Whenever I win the lottery I ALWAYS take it as a lump sum!

Last time I won the Euromillions lottery I took my lump sum of £7.20 all at once!

And I spent it all at once too! :wah:

My biggest ever win was £10.

That was a hard decision - lump sum or installments... but then I threw caution to the wind and grabbed the whole tenner from the WH Smiths girls hand.

All, damned and at once...



It's a shame I never play...

I think in Australia you have to take it as a lump sum, so I would have to get it all in one go I guess and gosh darn it just party party party!!!!!!!!!!!!!