Mega Millions Winner turns down Lump Sum

Maybe it’s down to the current economic crisis, we all seem to be worried about where to put our cash right now. Whatever the reason the $42 Million Mega Millions winner turns down the lump sum payment and decides to take the money in instalments.

 

The Mega Millions multistate lottery in the US is run in such a way that when you win a large jackpot you can either take the amount in annual payments or take a smaller amount as a lump sum. Typically Mega Millions winners choose the smaller lump sum payment than the annuity payments as they like to get their hands on the money immediately.


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The winner of the massive $42 million Mega Millions draw from October 3rd has decided to take the virtually unheard of option, the Mega Millions winner turned down the lump sum and is taking the lottery win as annuity payments.
The winner will be announced at a news conference today where the news of the annuity payments will also be announced and arranged.

It may seem strange to opt for the Mega Millions win to be paid as a yearly annuity but confidence in the US market is at an all time low, with the DOW index closing 40% down since its all time high a year ago. Unsurprisingly Americans like the rest of the world are worrying about a global recession and this may spark a different trend in how players receive their Mega Millions winnings.

Either way this Mega Millions winner shouldn’t have too much too worry about recession or not, the winner will be sitting pretty with large annuity payments on their $42 million Mega Millions win.
 

Article Published: Friday 10th October 2008 11:09 AM GMT
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