Winnings are taxed at current tax rates, which could be higher in the future.
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You dont want to have to go back to work at 80 after being a jackpot winner, do you?Whatever it is you've dreamt of doing, just go do it and enjoy yourself.There are plenty of stories out there of people who've won millions only to end up skint and working in a biscuit factory or living in a tiny flat having blown the lot.You can find independent financial advisers.Homeless will get a Christmas dinner.So get out there and find yourself a team of competent and trusted advisers security advisers, legal advisers, financial advisers, investment advisers and get the advice you need.Before claiming your money, change your phone number to a new, unlisted one and get a post office box for your mail.This kind of wealth can be scary if youre not used to it, so seek qualified help and use it to make informed decisions.For example, if an emergency or opportunity arises, you cant access any more than your annual payment amount.
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With that in mind, lets take a look at some of the most important things you can do to avoid becoming a loser after winning.
Read More poll loading, would you go public if you won the lottery?Disadvantages, poor financial management of a lump sum payment, such as an overly aggressive investment portfolio or careless and outlandish spending, could leave you penniless.It's not uncommon for winners to face legal claims, sometimes from coworkers who either went in on a ticket or declined to and now want a piece of the action).Will that still leave enough for early retirement?Start with the things you need but didn't necessarily have the money for, these could be important things such as home repairs/renovations.This may be one of the hardest things youll have.But even though we all dream of winning the lottery, not too many of us are prepared to handle what comes next.You lose the opportunity to invest the lump sum and take advantage of compound interest.Be advised, Microsoft has ended support for Windows XP, and its continued use is discouraged.