Reply With QuoteGive half to the TZ fundraiser every month
I keep seeing this advert for the national lottery’s set for life game. Top prize is 10k per month tax for 30 years tax free.
If you were to ignore all current wealth and assets and were around middle age. What would your plans be?
Give half to the TZ fundraiser every month
Biggest issue for me would be lack of capital for purchases / future decisions. Living hand to mouth but on a higher monthly. Everything would need to be leased. Take a few years for the pot to mount up.
Assume you can get a mortgage with that sort of income?
Nice quandary to have though. First things would be to take over my sister and sister in law mortgage payments until,we could clear them. Then fun stuff like a family holiday somewhere.
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A friend of mine won the 50k for life on a scratch card about 12 years ago.
Sounds better than it actually is, the 50k is taxed and it’s not actually for life, it’s capped at 1million.
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Equivalent to a gross salary of £195,000 pa less usual tax and NI.
Setting up my family over here in Suriname with own homes for the children. There is a catch though, I want to sit out my days in the jungle lying around in a hammock ;)
Got a new watch, divers watch it is, had to drown the bastard to get it!
I reckon you could find someone to sell it to. £1.5mn - £2mn @ 5% ish I think.Originally Posted by Mj2k
Someone else can work it out
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Lottery winnings (in UK) are not taxed as far as I know
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It’s not classed as a lottery win, I can’t recall he exact details, it’s been years since I’ve asked him about it.
He ended up working cash in hand dry lining and spent the first 5 or so years having a mega holiday per year.
I’ll give him a message tomorrow and find out the ins and outs of the tax on it.
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That was my reaction but this suggests it's taxable but they pay the tax. (EDIT: Think they are taxed as "Annual Payments", slightly obscure tax concept.)
https://www.national-lottery.co.uk/g...prize-tax-free
"Yes – in most cases, the top prize is paid tax-free as it is dealt with at source. In all cases, based on current tax rules and rates, we have designed the game so that all top prize winners – regardless of their tax bracket – receive a minimum payment of £10,000 each month after tax."
Mr Jukeboxs is one of those clever actuary types that eat bowls of hard sums for brekky. I daresay he could calculate a sale value with one arm tied behind his back.
This isn't a flex it's more to show how careless people can be but until relatively recently I was earning a fair bit more than that after tax and basically p*ssed it all away.
If I was earning that again and it was guaranteed for 30 years, with what I know now, I'd pump as much as I could into ISA/SIPP, see my son through until he makes the transition into assisted accomodation as a young adult and then move to the Far East.
I'd rent, I absolutely wouldn't touch buying a property and I'd also not spend more than £3k on any watch. I'd splash out on some decent digital piano/arranger keyboard equipment and not even think about work.
It's more than I'm on now so I'd retire immediately and simply live off it.
If you wanted a car or watch or holiday then within reason you'd save up within a few months.
I think it's a good way to be comfortable without having so much in one go so it ruins your life, provided you steer clear of gambling and other toxins.
In my younger days I'd want six Ferraris and Lambos etc, but today I'd be happy with my current Lexus, a used Cayman GT4 and an Up GTi which I could get quickly even if it meant getting on short term finance.
What the health care like in the likes of Thailand / Vietnam etc.
Always fancied a move over but always nagged me that the health care situation wouldn’t be as accessible / good as at home.
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Win today, retire tomorrow. 30 years of freedom is priceless.
Thai health care is fantastic in the private hospitals and not crazy expensive but you'd need to have health insurance to get a long stay visa now. I'm not sure re Vietnam Health care situation.
Thai health insurance works out at around £200/m in your 50s, £300 a month in your 60s and then £400/m after 70. That's for decent cover.
Some great replies and such a variety of ways to use it.
I think for me it’s the lack of large capital usually associated with a lottery win that makes this a different proposition.
I think I’d be looking to holiday in as many places as possible until I found somewhere I wanted to stay and then rent there for a while.
as a 56 year old with no kids the answer is simple; retire and enjoy it.
would be different for people in different stages of life; a younger person with kids would be able to secure a very nice lifestyle but still have to fund a house, education etc. If that is your scenario its fantastic money but not PP or Lambo amounts.
still probably a better payout than a lump sum for most as it prevents that mental spending that can really mess up someone's life.
either way; a nice problem to have
I bet it was a blast blowing that amount of money though.
Correct me if im wrong but I believe you can take the 10k a month as one lunp now? IE £3.6 million?
If so I would do that and retire, but I am 56 and only have grown up kids.
If that’s the case, it’s worth taking the whole lot in a lump sum and living off the interest, £10k a month will probably won’t be much in 30 years!
Not really - a lot of it was lost on watch flips plus I was earning that for maybe a 4 year period so it's not like I've been smashing the earnings for 10 years. I was fortunate in that I was able to clear some debt and get a decent SIPP balance although actually accessible savings are negligible.
I've a chance to earn well in my current job (perhaps even more than before) if all goes well (big IF) - I'm planning to really focus on creating a nice retirement if that earning situation does materialise and that earning situation does materialise it's at least a year away.
I didn’t see the lump sum as an option in the t&c’s but that’s the obvious choice if it’s available.
Spend it all on shares in the national grid, electricity in the future will be the biggest rip off of all time and their shares value will rise and rise to double or more than they are now.
They recently raised 7 billion to prepare for the great swindle to come.
What happens if you die within the 30 year period.I have the ticket and get the money but die after e.g. 10 years. Does my family continue to receive the money?
Your estate will receive a lump sum equal to the total amount to be paid less what has already been paid
@Ryan — do you ever look back or try to total up the amount of money you’ve flittered away?
Or would you rather not know?
(I’m not asking for a figure btw, just asking if you’ve thought about it)
I think I’d be riddled with regret to be honest. Which is probably why I’m a saver rather than a spender lol
If I won any amount on the lotto my life wouldn’t change much. I’d say the holidays would be at better hotels and more frequent, but my day to day lifestyle wouldn’t be any different
10k a month? I could rent an apartment ment or small house in Nice or Luberon or anywhere and just live a quiet life riding a nice bike in the sun. I don't need cars, jets, another watch but would keep my eye on SC. As long as you and your family are healthy then it's a winner. I know some people want the big life but I'm of an age where my glass would be more than half full.
Put 2-3K a month into ISAs (or something similar) and enjoy a great lifestyle on the rest (assuming we're talking about 10K net).
I've never earnt that much, but even on a lot less, I could afford nice holidays twice a year and to run a semi-decent car - I could afford 4 nice holidays a year and a really nice car (although, to be honest, there are precious few these days I would really want) on 7-8K.
Obviously, everyone's idea of a 'nice' car or holiday varies - I wouldn't really want 5-Star luxury and an S-Class Mercedes anyway.
M
Breitling Cosmonaute 809 - What's not to like?
I'd be very surprised if that's the case as that option would cost them far much more money to offer that facility. A reduced lump sum maybe, but all up front doesn't make any sense.
I'm retired with no debts and no kids so pretty easy choices for me. I'd sell my campervan and buy a Jimny out of the proceeds. My mrs would want a brand new version of the Suzuki Ignis she has now, about another £10k so l would use the first month's payment for that. Then live as normal for a year to save the £10k a month, add it to my other savings and buy a little pad on the coast a few miles away for cash. I'd maybe buy myself a scooter to zip between the two on sunny days. A few good holidays a year and nice meals out a couple of times a week. Simple and nice. Could probably start giving money away to deserving relatives after the first year or two and still have more than I need.
If I won millions I wouldn't be interested in luxury or performance cars, expensive watches etc, life and health are what matters.
I assume it's not linked in anyway to inflation so am I right in thinking you'd be losing money if you took the £10k/ month? If that's the case I'd take the lump sum, clear debts, mum and dad a new car, maybe a small gift to the nephews, invest the rest. I'd then work out when I'd be able to retire based on 2-3 holidays a year to go to all the places I've meant to. I'd also be looking to retire out of the UK I think to minimise tax.
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Probably buy a property for each of my kids and use it to pay the mortgages.
Reading the rules at https://www.national-lottery.co.uk/g...specific-rules the answer is no, unless you are a British resident when you buy the ticket, but not when you 'complete'. At least, that's how I read it.
5. Non-residents of the United Kingdom and Isle of Man
If You are not resident in the United Kingdom or the Isle of Man on the date You complete or would otherwise have completed the Annuity Application, You will not be entitled to an Annuity Policy. If requested by Allwyn and/or the Broker, You will provide suitable evidence to establish whether or not You were a resident in the United Kingdom or the Isle of Man at the relevant time, which the Broker will send to the Annuity Provider. Allwyn’s decision is final and binding in any dispute relating to whether or not You are a resident of the United Kingdom or the Isle of Man.
6. Cash Alternative
6.1 If You are not entitled to an Annuity Policy as a result of Rule 5 above, Allwyn will provide a cash alternative to You. The amount of the cash alternative will be the total of the amount Allwyn would have had to pay to set up an annuity policy if You were a resident of the United Kingdom or Isle of Man and had been entitled to an Annuity Policy under these Game Specific Rules, plus the First Prize Payment.
6.2 Subject to any statutory cancellation right You have, and except as otherwise stated in Rule 2.7 or this Rule 6, there is no cash alternative to the Annuity Policy. However, Allwyn reserves the right to pay you a lump sum in the event that Allwyn (or the Broker) is unable to arrange an Annuity Policy for You for reasons out of their control, or if, in its reasonable opinion, Allwyn deems necessary.
Well it's a strange one. For example I'd think nothing of buying a watch from an AD for £7k, then flipping it on SC for £4k 3 weeks later. It's because I was always able to earn money via bonuses and commissions. I never saw it as money down the drain but I do have an impulsive/addictive personality so blowing £4k in a night at a casino was again not something that worried me. And basic living costs are high - SW London, oriental stay at home wife, disabled child etc.
I took redundancy last year and found a job that gave me flexibility to work from home 4x a week (important for my personal situation and my mental health) and also I moved away from direct line leadership and more into a matrix leadership role where I'm also directly selling SaaS solutions into enterprise companies. The basic salary is a fair bit lower and it will take a while to start earning bonuses due to long sales cycles but we have people in similar roles here earning over £700k a year so the money is definitely there, although these people have been here a long time with years of recurring commissions coming in so thats not a realistic situation for me for a few years at least
I guess if I got to that level again (big IF) I'd now view it as an opportunity to lower my age of retirement rather than an opportunity to buy every single watch that has ever existed. I now have a set amount of money I need to retire - I'm currently on track for that at age 60 but if I started raking it in again I wouldn't think about keeping the coin coming in to stick in the bank (can't take it with you when you're dead), I'd just use it as an opportunity to tell work to do one at age 58 instead.
Last edited by ryanb741; 8th August 2024 at 11:08.
Look after the threpenny bits etc.
You’d have implants?
Heehee...Can see why you'd think so but no, I was not very cleverly or clearly as it turns out, alluding to the 3K evaporated on SC to zero outcome in Ryan's example AND the old adage about looking after the pennies etc.
My penny's worth, it's about flow of money...a pleasant sufficiency is enough personally speaking though I reckon I'm mid to low on the TZ pleased by stuff/ things spectrum , being able to do what you love and proximity/ location will either help or hinder you.
Last edited by Passenger; 8th August 2024 at 12:18.
No debts, no kids and no mortgage. I would spend about £4000 a month and invest the other £6000.
I would not buy any expensive watches
The "£x for life" seems to me to be the worst possible lottery choice out of a bunch of low probability gambles.
The odds of winning aren't any better and you're sacrificing a considerable lump sum which is invariably much more useful in the long term.
Having said that, I'd probably borrow and invest in a property portfolio with a decent chunk of the income to take care of the inevitable drop in real term value due to inflation.
I guess it would be a nice quandary to be in but I'm comfortable and have never bought a lottery ticket so I doubt I'll ever have to worry about it!
Cheers,
Neil.
Not a terrible guess. Assuming some sort of average stock market return rate of 6.8%, comes out at £1.5mn PV.
Presumably you then get a discount applied to that. I have no idea but say 20%
So would be £1.2mn. Not bad
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Health care in private hospitals in Vietnam is also very good. Some of the hospitals are extremely modern and eqipped. FV in Saigon is the go to place for expats and wealthy locals.
My private health insurance (Cigna) was £366 per month, wife included. 54 and 52 respectively.
And no car either if I recall correctly.......?No debts, no kids and no mortgage. I would spend about £4000 a month and invest the other £6000.
I would not buy any expensive watches
I like your new way of thinking Ryan.
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I'd be thinking that I needed a reality check in this situation....just bizarre.
I wouldn’t want the pay cut!
Seriously, I would continue to work until 60 with a focus on paying off the mortgage and maximising pension and ISAs. Buy some watches. Maybe upgrade the cars and then sort out the kids.
It looks like you are right-I could sworn I had read that you could have it all in a lump sum. Sorry for the misinformation.
Why the strong preference to rent over buy out-of-interest?
Interested as I'm divided right now on whether to upsize to a nicer house. One side says yes you only live once, other side says that's a good few extra years added to the tab until (hopefully) early retirement!
Hassle. I like the idea of being able to change apartment for a newer one whenever I want (and I'd fund it by selling the one I already own which would cover rent for a luxury pad in Asia for something like 40 years id just kept as cash, but when adding interest/investment returns it would almost be infinite!). I've no need to pass any inheritance on and I'll be divorcing my wife before retiring anyway (of course with a sizeable cash benefit to her)
If I was staying in the UK I'd keep a property but selling it to move to Asia basically almost funds a retirement on its own, even without including things like SIPP, savings etc.
Last edited by ryanb741; 9th August 2024 at 01:21.
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