27 Jul 92% of People Are Satisfied With This Decision
Winning the lottery is extraordinarily lucky but for many lotto winners, it’s not all that it’s cracked up to be. Why? Take the fact that nearly half of all lottery winners in the United States have to work well after they win. Early retirement is simply not an option for many lottery winners, who despite their luck are stuck in the jobs that make them want to play the lottery in the first place!
The reason for this is simple. Many lotteries, rather than give the winners all their money in a lump sum lottery payout, spread out the payments in a lottery annuity. Annuities are lottery payments that are done over an extended period of time, often years. The Mega Millions lottery, for example, is paid in one lump sum payment that is followed by 29 annual payments, with each payment 5% larger than the last. Combined with the fact that the government takes about 25% of lottery winnings, lottery winners often have to continue working in order to cover their expenses before they can reap the true benefits of the lottery.
Fortunately, there is a way for lotto winners to get the money that’s coming to them a lot faster than they would if they choose the status quo. Selling lottery payments to financial companies for investment is a common practice. The companies use the money for investment and in return will pay the lotto winner his or her money upfront in either a lump sum payout or an annuity that is much more favorable that what the lottery itself offers. Selling lottery payments takes a small portion of the winnings itself but the results are well worth it. In fact, 92% of people who sell their annuities (both lottery and structured settlement) are satisfied with their decision!
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