This 91-year-old man from St. Claire County, Michigan just got the surprise of his life.
It’s safe to say that much of the fun with scratch off lottery tickets would be the suspense. You’re hopeful as you scratch to reveal, just maybe… then nothing. This was not the case for this gentleman on the east side of the Mitten. The Red Hot Millions scratch winner told CBS Detroit the million dollar prize was the first thing he scratched,
Red Hot Millions is one of my favorite games and I play it quite often. “The million dollar prize was the first thing I scratched, so I knew straight away I had won big. I was so happy!
Michigander, 91, was a momentary millionaire after buying his ticket at a local gas station in Port Huron, Michigan. I say he was a millionaire for a while because of taxes. This million dollar jackpot was immediately reduced to a one-time lump sum payout of $634,000. This is still a huge change, as this man has won using this same scratch off lotto ticket in the past, but nothing as big as this one. At the moment, he has no big plans to buy a boat or travel the world. He plans to help his family with his newfound wealth.
If you win the lottery, would you choose to receive your winnings in the form of a one-time lump sum or installment payments? Many financial advisors suggest the one-time lump sum payment, as does the St. Claire County man in this story. Annuity.org highlights a few important reasons why the one-time lump sum payment is best for many,
Choosing a lump sum payment can help winners avoid long-term tax consequences and also provides the opportunity to immediately invest in high-yielding financial options like real estate and stocks.
The main advantage of receiving your lottery winnings in annual installments over 29 or 30 years? This helps prevent people from wasting all their money at once and going bankrupt.