New York Lottery now offering annuity option for scratch-offs
New York Lottery players now have the option between a one-time lump sum payment, or an annuity to receive payments over a period of time for scratch0off games.
Robert Daniels won the $1 million prize for his scratch-off 20X the Cash. The 68-year-old retired Honeywell machine operator decided against the annuity and chose to receive his entire prize now. The lump sum option made his prize come out to $840,000. Daniels bought his ticket from the LB Grocery at 1 Northern Dr in Troy, NY on Apr 16. Daniels’ wife did not believe he had won until the store clerk verified his ticket.
This is the first time the New York Lottery has offered the lump sum versus annuity option on scratch-off games. Scratch-offs winners have 60 to decide whether to receive their payment in a lump sum or the annuity. The lump sum option gives the winner the immediate cash value of the prize. The annuity will pay the full prize amount over a period of years.
Given the option for scratch-off games, would you choose lump sum or annuity?