Get Cash For Your Lottery Winning in one Lump Sum
Lottery winnings are typically paid out through a structured annuity over the course of 20 to 25 years. Annuity payments pay a specified amount of cash each year. Lottery winners have the option to choose either a lump sum cash payment or annuity payments. Prior to making this decision, experts recommend organizing a financial team which includes an accountant, financial advisor and attorney.
It's important to note lottery winnings are subject to state and federal taxes. Combined, this taxation could amount to as much as 50 percent. When you accept lottery winnings in a lump sum payment, you receive considerably less than the initial winnings. If you win $1 million, the Lottery Commission might only pay 65 percent. Instead of that million, you'll only be taking home $650,000. If the taxes are 50 percent, your actual net amount will be $325,000.
However, if you choose to receive annuity payments for your lottery winnings, you'll receive the full million over the course of 20 to 25 years. These payments will fall into a lower tax bracket. If paid over 25 years, you would receive around $40,000 annually. Depending on your tax rate, you'll end up with between $20,000 and $30,000 in your pocket. These figures are used for demonstration purposes only and your lottery winnings will vary depending on your tax status and the lottery regulations of your state.
Nearly 75 percent of lottery winners opt for the lump sum cash payment. Approximately 90 percent of lottery winners are broke within five years. In order to avoid becoming a statistic, it's important to become educated about your financial options and increase cash flow.
If you have won a large jackpot and are not financially savvy, now is the time to learn. There are multiple ways to invest your lottery winnings and double or triple your earnings. Wouldn't you rather build upon your financial windfall instead of tossing it all away? Don't be like the rest; learn to invest!
Selling your lottery winnings to a note buyer such as Simon Volkov might be your ticket to financial freedom. When you sell your lottery winnings to Simon Volkov, you will receive a lump sum cash payout. This cash payout eliminates the restrictions imposed by structured annuity payments. We can provide you with options you may not know exist.
Talk to us about your financial goals. There is no charge to speak with one of our financial consultants. Get started right now by providing the information requested via our secure Structured Settlement form. Your information is held in the strictest confidence and will never be shared. We look forward to serving you!