Ken Savage Making IT in Massachusetts

I WON the LOTTERY and I want a lump sum

I WON the LOTTERY and I want a lump sum Share on Facebook

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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