Now that’s financial planning.
Mega Millions winner Jimmy Groves gets $39 million more by taking his historic jackpot in annual installments rather than a lump sum, according to figures provided by the New York State Lottery.
When Groves, a 49-year-old Madison Square Garden laborer, bought his winning ticket for the $336 million jackpot at Bronx bodega last month he opted to receive his share — if he would win — in 26 yearly payments.
This works out to $105 million over 26 years based on an annual after-tax payment of $4.04 million a year.
Had Groves picked the lump sum, he’d have received $66 million after taxes.