[Gay State Conservative]

If he's like most big gambling winners (lotteries,casinos,etc) he'll be in bankruptcy court within 18 months.

[norwaypinesavage]

"If he's like most big gambling winners (lotteries,casinos,etc) he'll be in bankruptcy court within 18 months. "

Exactly. The people who sell annuities may often follow the rule that 25 years is the same as forever. That is, if you plan a retirement income that must last for more than 25 years, you must never spend a penny of the principal. You can only spend the interest. In addition, you must reinvest a good chunk of that interest in order to keep up with inflation. This means that you can spend NO MORE THAN 3% OF THE PRINCIPAL EACH YEAR.

That comes to $48,000 per year. Anything more than that will mean that the money will be gone before you are. Now, $48,000 is a decent income, but it certainly means that you can hardly spend like a "millionaire". And, of course, any big buck spending up front, reduces the $48,000 even more.

[Redwood71]

“....he’ll be in bankruptcy court within 18 months.”

It’ll take him that long just to roll them.

rwood