A BIRTHDAY gift for a friend ended up being a life-changing surprise.
Robert J. Ostrye Jr. was picking up a birthday gift for a friend when he decided to try his luck and purchase a lottery ticket at the counter.
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But this life-altering decision was worth it, as Ostrye Jr. had just purchased a lottery ticket that won him a $4 million grand prize.
Ostrye Jr., a resident of Massachusetts, claimed his winnings on Tuesday.
He is now one of the most fortunate winners in the state. this summer.
The winning ticket came from the game, $4,000,000 Monopoly Doubler, a $10 scratch-off game that launched on February 20.
Lottery winnings: lump sum or annuity?
Players who win big on lottery tickets typically have a choice to make: lump sum or annuity?
The two payout methods can impact how much money you get from your prize.
Annuities pay out slowly in increments, often over 30 years.
Lump sums pay all at once but in a smaller amount, as taxes are withheld in one go. That means 24% of your prize goes to Uncle Sam right away. Many states tax winnings as well.
Annuities can provide winners time to set up the financial infrastructure required to take in a life-changing amount of money, but lump sums have the benefit of being taxed only once.
Inflation is also worth considering when making a choice, as payouts do not adjust with the value of a dollar. That means that you’ll likely be getting less valuable money towards the end of an annuity.
Each state and game pays out prizes differently, so it’s best to check with your state’s lottery to confirm payment policies. A financial advisor can also help you weigh the pros and cons of each option.
Experts have varying opinions on whether to take the lump sum or take the annuity.
Ostrye’s luck struck at a local Wine & Spirits store where he bought the ticket along with a birthday gift for his friend.
Because of the sale, the shop will receive a $40,000 bonus from the Massachusetts State Lottery.
Ostrye opted for the cash payout, securing a one-time payment of $2.6 million before taxes, which the IRS will take 24% of.
With his newfound wealth, Ostrye shared with local outlet MassLive that he plans to renovate his home and extend financial help to his family, friends, and others.
Interestingly, Ostrye’s win isn’t the only instance of lottery luck in Massachusetts this summer.
In July, another Massachusetts resident struck it big with a $1 million jackpot from a Powerball ticket.
The ticket, purchased at Amaral’s Central Market in Fall River, less than 20 miles from Providence, Rhode Island, matched the first five numbers in the July 10 drawing.
This drawing had a whopping $39.9 million jackpot.
The winner, who discovered her fortune only after scanning the ticket in the store, intends to use the money to support her family.
The store where the ticket was purchased will also benefit, receiving a $10,000 bonus.
In yet another stroke of luck, Jason Coulstring, another Massachusetts resident, won $4 million from one of the state’s newest instant ticket games, the $4 Million Lion’s Share.
Coulstring, who purchased his $10 ticket at a local Superstore, chose to take the lump sum payout of $2.6 million before taxes.
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He plans to use the money to buy a new car for his wife of her choice and make home renovations.
The store that sold him the winning ticket will also receive a $40,000 bonus.
These recent wins have added to the excitement surrounding the Massachusetts State Lottery, with lucky residents across the state finding themselves suddenly wealthier.
Ostrye, Coulstring, and others prove that sometimes a simple purchase can lead to a life-altering windfall.
