Officials from the lottery have issued a warning after a $1 million prize ticket is about to expire.
Five months have passed since the $1 million Mega Millions ticket was bought at an Exxon Mobil gas station.
On its website, the Rhode Island lottery authorities listed a number of prize tickets worth more than $10,000 that have not yet been claimed.
The main ticket, a $1 million Mega Millions bought in Cumberland, Rhode Island, is the prize.
The ticket was purchased by the winner on July 18, 2023.
The state’s Mega Millions winners have a single calendar year to pick up their tickets.
Funds will revert to Rhode Island’s general government funds if winners do not claim the cash within the allotted time.
Four other prizes, including two $10,000 Mega Millions tickets, a $240,876 Wild Money prize, and a $25,000 annual prize for the Life winner, have not yet been claimed, the state also cautioned.
The winning tickets were revealed by lottery officials in August, September, and October.
Numerous other lottery tickets across the country were unclaimed by their respective winners.
Numerous tickets, including one that won a $1 million Powerball prize, haven’t been claimed, according to the Washington State Lottery.
On November 1, the winning powerball was selected.
Two Hit 5 tickets that are still uncashed belong to the state.
Prizes on each ticket total $880,000.
Millions of dollars in unclaimed lottery winnings are also in the possession of lottery players in Florida, Louisiana, Illinois, and Texas.
The total revenue from tickets in the four states exceeds $48 million.
In June, the Florida Quick Pick winner took home $44 million.
The numbers they have won are 9, 13, 15, 46, 51, and 52.
After the draw date, winners of the Quick Pick have 180 days to claim their prizes.
If lottery players are experiencing addiction, there are numerous national and state-wide resources available to them.
Dialing 1-800-522-4700 will connect you with the National Gambling Hotline if you are experiencing gambling addiction.
Additionally, players can chat with experts online by visiting the website of the National Council on Problem Gambling.
There may be separate hotlines for gamblers in each state.
Rhode Island’s number for assistance is 401-499-2472.
Lottery Winner Faces Dilemma: $5 Million Prize on $20 Scratch-off Game, but Tough Choices Leave Winner with Less Than Half
After being forced to make a tough decision, a $5,000,000 prize winner from scratch has received less than half of his winnings.
Although it’s uncommon for lottery winners to keep the entire prize, you might find yourself in a similar situation at some point.
When Jose Galeano of Lindenhurst, New York, won $5,000,000 on the Cash Royale scratch-off game of the New York Lottery, he was presumably daydreaming of supercars and mansions.
He paid $20 at an Amityville Stop & Shop for his winning card.
However, the New York lottery announced on December 8 that Galeano had only won $2,235,939, or less than half of the jackpot that had been advertised.
His predicament was not unique.
Winners of significant lottery winnings are presented with two options.
They can either accept the entire jackpot or receive monthly annuity payments over a period of about 30 years.
Alternatively, they can decide to take an immediate, much reduced amount up front.
Geleano opted for the latter, but he was still unable to get all of the money.
In contrast to certain other states like California, New York also collects taxes on lottery winnings in addition to federal taxes for lottery winners.
You will experience something similar if you ever win a significant sum of money in the lottery.
Which is preferable—taking a lump sum or an annuity?
Several financial experts concur that the lump sum is the better choice, even though each has advantages and disadvantages.
On The Dave Ramsey Show, Dave Ramsey famously told a lottery winner, “If you take the lump sum and invest it, you will make almost twice as much.”
“It is my knowledge that investing the money after taxes will yield a higher profit than leaving it in that annuity with those guys,” he declared.
Nonetheless, Ramsey believes that the annuity payments should be taken by someone who is prone to mismanaging their lump sum in order to prevent them from blowing the entire amount.
Recall that participating in the lottery is a type of gambling and ought to be done sensibly.
From Unbiased’s perspective, it is important to examine the benefits and drawbacks of a lump-sum versus an annuity, taking into account your risk tolerance, lifestyle, and financial management style. It is very important to weigh one’s options very carefully.
When financial discipline is a concern or when an individual needs a consistent income stream, such as in retirement, annuities are usually a better fit. Consistent income flow and long-term financial security are two benefits of annuities.
You can make sure that payments continue for the duration of your and your beneficiary’s lives by selecting a life annuity with particular options, such as a joint and survivor annuity.
