If you won cash for life in the lottery, would you choose regular prize payments or a lump sum?
After discovering that they won, these lottery players likely had to weigh their options between receiving annuity payments or a lump sum. For the indecisive among us, the choice is likely not all that straightforward.
Here’s what these winners chose.
BCLC
“You’re kidding me, this can’t be real,” Maureen Lee recalled thinking when she learned she had won. “I was speechless.”
The Kelowna, BC resident and her husband had to drive to the closest gas station to verify that the win was real, and it was. Lee had won the Set for Life top prize, which is $1,000 a week for life. However, she chose the lump sum payment of $675,000.
When asked how she felt about her windfall, Lee shared that her emotions were “up and down, just like a roller coaster.” She said the money would help with her retirement and wanted to use part of her winnings to pay off her mortgage and share some of the money with her children.
Adam McMurtry
OLG
Nipigon, Ontario, resident Adam McMurtry purchased his $4 Instant Cash for Life ticket at The Bargain Shop on Front Street. Little did he know that his ticket was a winner.
McMurtry won the choice between $1,000 a week for life or $675,000 then and there, and rather than choosing the lump sum, he opted for the annuity prize.
OLG
“I normally play Instant Cash for Life around the holidays,” said Suzette Lamothe, 62, of Ballymote, Ontario. When she played her ticket, she was in for a surprise.
“I was playing my ticket and saw three ‘Life’ come up — I was very shocked,” she said. Lamothe won $1,000 a week for life. But rather than receiving the $1,000 weekly payout, she opted for the lump sum prize of $675,000.
When she claimed her big cheque, she said she still had to decide what to do with her winnings.
Jennifer Ledrew
Atlantic Lottery
Jennifer Ledrew was shopping with a friend when she bought a Set for Life ticket for $4. The Paradise, Newfoundland, resident was playing the Scratch’N Win ticket the following day when she found out she won.
“I couldn’t believe it, I could not believe what I was looking at,” she recalled. “My heart started to race, my hands were shaking, and I couldn’t stop looking at it because I was in complete disbelief.”
As for her prize, she had two options: receive $1,000 a week for 25 years or a lump sum payment of $675,000. She chose the lump sum payment.
“I plan to retire now at 60 as opposed to 70 or 75,” she said. “There are no words to describe how I feel; it is such a relief.”
Atlantic Lottery
“I asked the cashier if there was anything new, and she showed me that one, so I asked how much for a whole pack of them,” Russell Musgrave recalled. “She checked and said it would be $400 for the entire package, so I said, ‘Well, give me $200 worth of them.’”
Musgrave, who lives in Boularderie Centre, Nova Scotia, pulled out the first Super Set for Life ticket from the package and started playing his ticket. It also turned out to be the winning ticket.
Musgrave won the Super Set for Life top prize of $100,000 annually for 20 years. Instead of annual payments, Musgrave chose the lump sum payment worth $1.5 million.
He’ll use his winnings to help his daughter with her mortgage, support his loved ones, and renovate his home.
“I feel great,” Musgrave said. “It’s a very substantial pile of money.”
With files from Daniel Chai
All forms of gambling, including the lottery, involve risk and outcomes are based on chance. Individuals are strongly advised to gamble responsibly. If you are experiencing any signs of gambling-related issues, you can find resources here.