Just win big on NY's Lotto - Take the Lump Sum!

[wizrd]

A couple weeks ago, NY state sent out letters to people receiving annuity payments from big lotto wins. - The gist of the letter was - "If New York State files for bankruptcy - your annuity payments will cease!" -- A foreboding message? - Be forewarned.

 

[Jem45472]

If they can't make payments, they shouldn't be selling tickets.

 

[SomeSoldier]

NYS bullshit. Where is our option to stop paying taxes?

 

[1911guy]

A couple weeks ago, NY state sent out letters to people receiving annuity payments from big lotto wins. - The gist of the letter was - "If New York State files for bankruptcy - your annuity payments will cease!" -- A foreboding message? - Be forewarned.

Dad always told me not trust bookies. NYS has become the "legal" bookie. Legal does not mean ethical or honorable.

 

[MothMan]

Hey we need a federal bailout for lottery winners who became losers.

 

[Jmac00]

I thought payment came from the lottery itself? not form the government

 

[Celt]

I thought payment came from the lottery itself? not form the government

The state uses that money for all sorts of things, just like social security. Its not right.

 

[Jmac00]

ya, that the lump sum and run the hell away from New Yorkistan. Move that money straight to a bank in the Caymen Islands, don't look back.

 

[Blimey]

Ridiculous. Should be insured. Is it not insured beyond state ability to make budget?

These lottos are such a scam. I really, vehemently hate the lotto. Disproportionately poor people play them. Moreover, their numbers are a lie and should be made completely illegal. 10M is 10M, not 10M over 20 years, hence why the lump sum is half what the advertised amount is.

 

[Carlos Hathcock]

Happy to take the money, not so happy to pay out. This does not surprise me in the least.

 

[masterswimmer]

I hit the lotto for big money many years ago.
True story......
I was playing the lotto for both weekly drawings for $10 each drawing. Never winning more than a free play or maybe $2 every six months.
Those lotto expenses added up to over $1,000 per year. That didn't include sporadic scratch offs which I didn't keep track of.

About 30 years ago I stopped playing the lottery. I no longer spent over $1,000/yr on that no return fool's game. I've saved OVER $30,000 in that time.

I won! I figured out how to win the lottery every single drawing. DON'T PLAY!

 

[BDinPutnam]

Once again - the lottery is a tax on people who are bad at math.

Now if you'll excuse me I am late for BINGO night.

 

[E the massive]

Call JG Wentworth, let them deal with it.

 

[technicalgadget]

Gee I wonder what happens to all those people that decided to take a lump sum from a company that will buy out your lottery ticket annuity for a percentage. Would you still be on the hook to repay if NYS declared bankruptcy?

 

[Steal2B]

It's my understanding that New York would then be booted from the MegaMillions and Powerball Jackpot Multi State pools which may cost more revenue that the defaulted payments.

I am also suprised that winning payments are not single payment lump sum annuities from a source independent of the state treasury.

 

[Bustedknees]

So if NYS claims bankruptcy who is responsible for the unpaid debt ??
Answer is us , the taxpayers..

 

[Hillbilly77]

What if everybody just stopped buying lottery tickets?

Imagine the financial pain that would cause the bastards.

 

[BDinPutnam]

Gee I wonder what happens to all those people that decided to take a lump sum from a company that will buy out your lottery ticket annuity for a percentage. Would you still be on the hook to repay if NYS declared bankruptcy?

Nope. Not how that works.

 

[Chevusa]

I have always known this to be a possibility. I would want the lump sum anyway to be able to invest and draw interest against.

 

[tirwin1]

Not that any of us have a chance at winning but if you do always, always, always take the lump sum up front. Ideally if you can stay anonymous and hire a lawyer to claim it on your behalf.

 

[C3D]

I wonder if they sent that same letter to the thousands of retired state employees collecting six figure pensions?

 

[Steal2B]

Looks like this is fake.

Had brother contact his in law who was a jackpot winner. They did not get a letter.

 

[GOPerfect]

I play a few scratch tickets a month. That is my lottery fix. I play a few dollar tickets. Maybe I win a few bucks here and there.

This is one of many wake up type calls. NY State is in serious trouble. There is no getting away from this fact.

Many bad changes are coming for the everyday taxpayer!

 

[repete]

That's odd, I didn't get a letter! Must've gotten lost in mail, yeah thats it.

 

[Blimey]

I wonder if they sent that same letter to the thousands of retired state employees collecting six figure pensions?

"But I paid into it!"

$100k yearly withdrawal, if it grows with inflation, requires the 401k equivalent of $2.5M saved up at retirement, with the fairly high confident expectation that it will last 30 years.