New York Lottery Set for Life scratchcard winThursday March 11th 2010
A New York Lottery Set for Life scratchcard win has created the first millionaire of 2010 in Essex County. The ticket which was purchased on 22nd February by 47 year old Michael Vice, guarantees him a win of at least $5 million. Vice who likes to play the scratch off lottery games from time to time, rarely buys the $10 scratch off tickets but decided to treat himself that particular day and purchased the $10 lottery ticket from C & C Petroleum in Ticonderoga.
After claiming his New York Lottery scratch off prize on 23rd February, Vice will receive his prize in 20 annual instalments. These are at the rate of $260, 000 to make the minimum win of $5 million. However after federal taxes, applicable to the New York Lottery, the 20 annual payments reduce to £171,678. After the 20th payment, vice will continue to receive annual payments of this amount for the rest of his life.
Naturally this lucky New York Lottery winner will be able to cut back on the hours that he works, enabling him to enjoy his lottery win to the max, but he also plans to spend some of the money from his newfound wealth to embark on a healthier lifestyle so that he can stand a better chance of drawing his annual checks for his lottery win well beyond the 20th payment.
People who are at a reasonably young age tend to buy lottery tickets for these games that offer annual payments for life as they guarantee a life long standard of living to the winners. However, older lottery winners tend to choose lump sum lottery games one ones that offer either to ensure they get the maximum return from their lottery win.