After all, hardly anyone wins the lottery.Yet, there are some similar choices to make for many people who have saved hard during their working lives when they reach retirement. These are external links and will open in a new windowCanadian teenager Charlie Lagarde had an enviable decision to make - how best to cash in her lottery win.She had the choice between taking a C$1m (US$780,000; £550,000) lump sum or receiving C$1,000 a week for life.She chose the tax-free weekly payment. If you could do it, you could sell the annuity to someone and get at least $900,000 for it (like a bond).

It is a risk. As you can see, there are 2 choices. I think this value is US$ because if you multiply $1000/week by exactly 15 years, you get $780K. $1,000/Week for Life (or cash option)† 1: 7,282,016 4 1 $2,500† $5,000† 1: 79,440 4 0 $500 $1,000† 1: 26,480 3 1 $100 $200 1: 1,471 3 0 $25 $50 1: 490 2 1 $10 $20 1: 83 2 0 $4 $8 1: 28 1 1 $2 $4 1: 13 The overall odds of winning are approximately 1:7.76. Your ticket will begin with the next available drawing and will not skip any drawings.You can have the computer randomly select some or all of your Cash4Life numbers by marking the applicable QP (Quik Pik) box(es) within each play area on your playslip.Please note every effort has been made to ensure that the enclosed information is accurate; however, in the event of an error, the winning numbers and prize amounts in the official records of the Georgia Lottery Corporation shall be controlling.

Here is why they think she took the best option.The fact that she is so young means that she has "overwhelmingly" made the correct decision, according to the experts.From a purely mathematical perspective, it would take just over 19 years to reach a million by taking $1,000 a week.

I don’t know how income tax works in Canada but those numbers would be fairly consistent with the UK system.Just calculate the internal rate of return of the annuity...1k per week NET= 52k pa in your pocket - the 100k earnings would have various taxes removed...and probably be worth about 50k (I'm using UK tax rates here, just ballparking figures)She could be investing 2500 a month on a modest budget and have a better amount than lump sum. Everyday could be the best day ever! Investing 780K now could easily be flat or negative for decades.New comments cannot be posted and votes cannot be castA place to share and discuss visual representations of data: Graphs, charts, maps, etc.Press J to jump to the feed. EDIT: There was some currency issues whether or not the $1000/week was in US$ or C$.

Canada's tax rates are much higher than the United States so we can pay for our much greater social support network - and we're a much bigger and colder country so we have more expenses per capita for infrastructure, heating, and so forth. Option B: $600,000 in one lump sum. Even though the lump sum is tax free, interest gained from it would be taxed.Interesting as an exercise... but it's unlikely that she's necessarily going to invest all that money. Cash4Life gives you the chance to win $1,000 a day for life or $1,000 a week for life!

Please check your search criteria and try again. Essentially, in terms of present value, a 25 year old male would be better off taking the $1,000/week for life than the lump sum $675,000. If they take the lump sum, now it becomes this money they have to worry about on top of everything else, and a few bad decisions could take it all away. Both would be life-changing, but only you can decide which would be better for you! If you choose the lump sum, you get $7,000,000 for the jackpot, while the second prize awards $1,000,000 in cash. November 20, 2015 – Of the 96,307 winning tickets sold across 17 states in last night’s Lucky for Life draw game, one incredibly lucky person who purchased ticket in South Carolina is starting out today $1,000 A DAY FOR THE REST OF THEIR LIFE richer—as the game’s very first top prize winner! If you were to win one of On the side of the weekly payout, the big pro is that even if you're not great at managing money Either way, it's a interesting debate, and we're definitely curious to hear what you would do. As human beings, we have a tendency to prefer receiving an ultimately smaller amount sooner than a larger total amount later. BBC article says. Save for the things you need like a nice car or a cozy house. *Choose (5) numbers from 1 to 60 and a Cash Ball number from 1 to 4 or select “QP” (Quik Pik).Each play costs $2 times the number of drawings played. I mean, you can still paint yourself into a corner with debt, etc, but it gets a little harder to do on the moment. 18000) (No. However, individual circumstances should not be forgotten. Jul 8th, 2005 6:03 pm #63; manho Deal Addict Jul 25, 2003 1721 posts 442 upvotes Jul 8th, 2005 6:03 pm. Charlie Lagarde took C$1,000 a week for life, rather than a C$1m lump sum, after winning a lottery.

The Cash for Life ticket available right now offers $2000 a week for life or a lump sum of $1.35 million.

It would be better if you choose $1,000 every day. "It would therefore take her until the age of 47 to hit $1m in real terms, but even after taking inflation into account, her lifetime income from the win could be over $1.5m," she said.All this sounds like a different world for most people.