North Carolina Winner 'Lucky For Life'

annuityWhen someone wins a lottery’s jackpot, they’re typically set for life providing that they use their winnings wisely. However, one lucky winner in South Carolina is quite literally set for life.

This past November, South Carolina’s first $1,000-a-day for life lottery winner came forward to claim their prize, choosing to remain anonymous. They bought the winning ticket at a BP gas station, choosing a combination of sentimental numbers that included 7, 14, 21, 32, 33, and a Lucky Ball of 14.

According to the WYFF4, the lucky winner told lottery officials that when they won, “I cried.”

In most lotteries, officials withhold about 25% for federal tax, and then — depending on the state and tax bracket of the winner — another 6-9% for state taxes. Consequently, many people often prefer to choose a lottery annuity settlement rather than the lottery lump sum payout, as it lessens the amount taken out for taxes.

In a typical lottery annuity, the winnings are paid out in annual lottery payments. The Powerball annuity payout schedule, for example, consists of 30 annual payments that increase over time. The Mega Millions annuity is similar. It pays out as one immediate payment followed by 29 annual payments, which grow 5% larger than their preceding payments.

What’s interesting, though, is that the winner decided to choose a lump sum payout, and also to keep their job. WYFF4 reported that the winner told lottery officials “I went to work this morning,” after winning.

The lump sum payout of $5.75 million came out to a total of $3.9 million after taxes. Had the winner chosen the annuity, they would have received $1,000 a day for life (or at least a minimum of 20 years).

Once the winner receives their winnings, the BP where the ticket was sold will receive $50,000 in commission.

Lucky for Life is a multistate game, and is offered in 17 other states besides North Carolina. Tickets cost just two dollars, and the drawings are on Mondays and Thursdays.

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