Wall Street Meltdown Even Affecting Lottory Winners

The meltdown on Wall Street is even starting to affect lottery winners. Michigan Lottery officials say the winner of a $42 million Mega Millions jackpot has indicated a preference for getting the winnings over 26 years rather than taking a lump cash payment.

By: Associated Press | Alabama's13.com
Published: October 10, 2008

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The meltdown on Wall Street is even starting to affect lottery winners.

Michigan Lottery officials say the winner of a $42 million Mega
Millions jackpot has indicated a preference for getting the
winnings over 26 years rather than taking a lump cash payment.

The winner will be announced Friday at a Lansing news
conference.

Lottery spokeswoman Andi Brancato says she can't remember a Mega
Millions winner in Michigan ever taking the annuity payments since
the game was launched in 2002. The last Michigan resident to claim
an annuity won the Million Dollar Raffle last January.

Given the market's volatility, 26 years of steady payments looks
like a better bet than investing cash winnings.

The Dow has lost nearly 40 percent since closing at its all-time
high a year ago.