Hartford, who lived from 1911 to 2008, was the heir to the Great Atlantic & Pacific Tea Company fortune. Looking at lottery winners approximately 10 years after winning showed they saved just 16 cents of every dollar won.Īnd that’s basically what a man named Huntington Hartford did. While that’s probably always true, research suggests not always in the way you might hope.Įconomists Guido Imbens and Bruce Sacerdote and statistician Donald Rubin showed in a 2001 paper that people tend to spend unexpected windfalls. The conventional wisdom is that winning the lottery will change your life. That jackpot is starting to look a lot smaller, though it’s still a fair chunk of change. The winning ticket was reportedly bought in South Carolina, which would take 7%, leaving the holder with about $606 million. If the winner comes from a state without a lottery tax like Florida or Texas and chooses a lump sum, the federal government will take about $211 million of that, leaving $667 million. As a single winner, he or she can either choose a lump sum payment that amounts to about $878 million or receive $1.537 billion worth of annual payments that get progressively higher over 30 years.Īfter that, the taxman gets to take a big bite. If someone claims it, the winner would not actually receive $1.537 billion in one big check the next day. The first thing to bear in mind is that while the jackpot is eye-wateringly large, the actual payout will be much less.
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