The scratch-off game winner receives a $1,000,000 prize; This will be taken after tax.

New York Lottery reveals the winner of the Cash X20 scratch-off game Claimed his $1,000,000 prize.

The lucky winner was identified as Kenneth Lynch, resident of Walden CityUpstate New York.

Lynch opted to receive a lump sum payment after taxes $494,760,

The ticket was purchased by Lynch at Stewart’s Shops. Located at 407 South Plank Road in Newburgh.

New York Lottery reported this There is still a $1,000,000 prize up for grabs Play this Cash x 20 scratch-off game without any withdrawals.

Financial advisor William Romero said that Most people who choose to receive raffle prizes at a single show leave their financial situation in ruins in less than five years.

“Statistically Choose 90 percent advance payment (in a single payment), Unfortunately, 70 percent of people who choose this method go bankrupt within 3 to 5 years,” he said.

The psychological effect that receiving large amounts of money at once has on peopleLuxury expenses, in addition to the pressure of the immediate environment are some of the factors that intervene so that the award becomes a ‘nightmare’.

Romero made this comment By choosing deferred payment of rewards, people get the opportunity to plan their expenses better.

Additionally, if for some reason you spend all the money in the annuity, you will have to make other payments and avoid bankruptcy.

, Choosing to pay yourself annually gives you the opportunity to reduce your taxes annually at the federal and state levels., because someone is going to pay less. Also, what if the payments last for your lifetime? If you spent this year’s check, you’ll get another one next year, and another one the year after, and so on.