Home » Walden Resident Claims $1,000,000 Cash x 20 Scratch-off Prize; Specialist Recommends Payment in Installments

Walden Resident Claims $1,000,000 Cash x 20 Scratch-off Prize; Specialist Recommends Payment in Installments

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Walden Resident Claims $1,000,000 Cash x 20 Scratch-off Prize; Specialist Recommends Payment in Installments

Kenneth Lynch, a resident of Walden in northern New York State, made headlines recently as he claimed his $1,000,000 prize from the Cash x 20 scratch-off game. The New York Lottery confirmed that Lynch opted to receive a lump sum payment of $494,760 after taxes.

The winning ticket was purchased by Lynch at Stewart’s Shops on South Plank Road in Newburgh. The New York Lottery also reported that there is still an unclaimed $1,000,000 prize in the Cash x 20 scratch-off game.

In light of Lynch’s success, financial advisor William Romero cautioned against opting for a single lump sum payment for lottery winnings. Romero explained that statistics show that 70 percent of those who choose the upfront payment method end up bankrupt within 3 to 5 years. He recommended taking the prize in installments to better plan expenses and avoid financial pitfalls.

Romero emphasized that receiving payments annually not only lowers taxes but also ensures a steady stream of income for life. By choosing annuity payments, winners can prevent bankruptcy even if they spend all the money from one payment, as more payments will follow in subsequent years.

This cautionary advice comes amidst the excitement of lottery winnings, with many individuals not realizing the financial implications of sudden wealth. Lynch’s experience serves as a reminder of the importance of financial planning and responsible money management when dealing with sizable cash prizes.

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