• nimble@lemmy.blahaj.zoneEnglish
    0·
    3 months ago

    Lotterys are usually paid out in annuities where you would get that amount over a period of 10-30 years. However, they also give a lump sum amount which is usually ~half the stated amount and after taxes you could expect to receive 1/3 the stated amount.

    Still, it’s generally best to take the lump sum unless you have very bad self control and would blow through the money.

    • callouscomic@lemm.eeEnglish
      0·
      3 months ago

      Statistics show it’s literally best NOT to take the lump sum and that most people have no self control.