April 1, 2009
I WON the LOTTERY and I want a lump sum
Massachusetts lottery winners are rushing to cash in on a recent change in state law that allows them to negotiate with private companies for a lump-sum buyout of all or a portion of their 20-year income stream.
Since November, when the change in the law took effect, nearly 270 lottery winners have made the decision to give up a chunk of their future prize payments in return for a lump sum that can be used for such immediate needs as buying a new house or paying off existing loans and debts.
The cost of cashing out varies, but lottery officials who have been monitoring the transactions say prize winners give up 7 to 20 percent of their future income stream in return for a lump-sum payout. The average discount rate is 11 percent, the officials said.
Win $8,000,000 and if you cash out right away you can expect to get about $3,000,000 and that’s not even after Massachusetts taxes
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William King
12/17/2007 at 11:46 pm
I have 13 years left on a 2 million $ winning ticket and would like a pay out of a year or 2.
Ken Savage
12/18/2007 at 2:53 am
Interesting William. so that was something like $100k per year before taxes, right?
Makes for a nice 2nd income or a comfy sole income.
William King
12/23/2007 at 1:36 pm
Ya not bad at all it was a god send really.We bought a lake house in Maine and both homes are in need of repair so that is why we would like a small payout.