$690000 or $50000 a Year?

Question

Two questions:

1) If I live in the state of Georgia, and I won 690,000 dollars, how much would I actually win after state and federal taxes?

2) If you had the choice between winning the amount above or winning 50,000 dollars a year for twenty years, which would be best?

Answer 1

It depends on whether you trust yourself to be wise with the windfall.  If you have solid savings, own your own home and are established, you probably have the maturity to take the lump sum payment.  Otherwise, the $50,000 per year may be a better option.  Your age may also be a factor.  

If you actually have won this and are not just speculating, you certainly need to consult a tax adviser.  Find an Enrolled Agent or CPA in your community to work with.

Answer 2

Get the CASH

and then buy GOLD

I would recommend turning half of you after tax windfall into GOLD.

Also invest in Euros, and invest in markets outside the U.S.A.

'ave a groovie 1

.

Answer 3

$690,000 in investment with 50,000 withdrawl for 20 years = 3.83%

If you can do better, and control your spending, take the $690 K.

If nt take the $50k.