A LOTTERY winner has learned that patience is not just a virtue but can cost half your winnings.
The American has won $5,000 for life, but a surcharge has slashed the jackpot.
NOW OR LATER?
Diana Harter, a North Tonawanda, New York resident, claimed a $5,000 A Week For Life top prize on the New York Lottery’s Set For Life scratch-off game.
The lottery prize guarantees a minimum payout of $5,000,000.
However, Harter didn't want the weekly salary, so she opted for the lump sum payment option, according to the New York Lottery.
As a result, Harter received $2,216,437 due to withholdings tied with a lump sump.
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The decision might've enabled her to receive millions now, but the surcharge cost her half her winnings, not including Uncle Sam's hefty portion.
Ultimately, the savviest course of action depends on your plans with the money and self-control.
The decision could pay off if she invests the winnings to make more money.
After all, inflation might make $5,000 a week less lucrative in the future compared to the total sum now.
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For example, $5,000 today had the equivalent purchasing power of $9,054.20 in 1999, according to amortization.org.
Her future winnings might've been worth less anyway.
Lottery players who are struggling with gambling addiction can call the National Gambling Hotline at 1-800-522-4700 or visit the National Council on Problem Gambling website.
MORE MONEY REMAINS
Harter purchased the ticket at a 7-Eleven at 460 Hertel Avenue in Buffalo, according to the New York Lottery.
Three top prizes remain on the Set For Life ticket (#1548).
Players may check the status of any New York Lottery Scratch-off game by downloading the Game Report at nylottery.ny.gov.
Although it was a happy payday for Harter, the state is raking in even more cash.
New York’s scratch-off games generated $4,406,338,198 in total sales during fiscal year 2022-2023.
Some of those funds were allocated to noble causes.
School districts in Niagara County received $63,082,337 in Lottery Aid to Education funds during the same period.
Americans need to keep their eyes on the prize, as there's no shortage of unclaimed winning tickets.
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Four unclaimed lottery jackpots worth over $1 million remain untouched.
And lottery players only have one chance left to win a $25 million prize.
