Lottery Winner Unknowingly Loses 36 Million Dollar Mega-Millions Jackpot

Every day in New Jersey millions of people play the various New Jersey lottery games including the Mega-Millions drawings. They’re all hoping to hit that big jackpot to change the lives of themselves and their loved ones for the better. Multiple options could make someone a millionaire instantly.

I’ve been playing the same Mega-Millions numbers for the same New Jersey Lottery games for at least twenty years. Every week I play the Mega-Millions. I play the same numbers each time. I can’t stop playing, and it's not because I'm addicted. If I stopped and the numbers then came up, that would be much worse than winning, right?

“Anything can happen in Jersey” is the New Jersey lottery slogan and that is certainly true. However, “You never know” would be a better way to explain why people lay down a few bucks each day to give their dreams a chance to come true.

Now, imagine winning a huge Mega-Millions lottery jackpot. Having your numbers drawn and matching them all to make that ticket worth, let's say, 36 million dollars. How awesome would that be?

Now imagine never knowing that you won that humongous, life-changing, eye-popping pile of cash.

The Florida Lottery announced that’s what just happened to some poor soul in Florida. The good news is that they don’t know that they won so they don’t have to experience the devastation. The bad news is also that they don’t know that they won.

A Mega-Millions ticket was purchased in a Publix grocery store in Jacksonville, Florida about six months ago. According to the state’s lottery rules, winners must claim the jackpot within one hundred eighty days.

The Florida Lottery’s website has a clear statement on the first page. It states that winnings exceeding one million dollars must be claimed, “On or before the 180th day after the winning drawing.” If it’s a scratch-off they only get 60 days.

The winning numbers were 18, 39, 42, 57, and 63, the Mega Ball was 7. I matched only one of those numbers, but I feel much luckier than the person who walked into that supermarket back in August.

In case you’re wondering, eighty percent of that jackpot goes to their Educational Enhancement Trust Fund. The other twenty percent, “is returned to the prize pool from which future prizes are awarded or used for special prize promotions.”

“Anything can happen” because “you never know.”

Have you ever wondered how much money you need to retire? It's a big question and has a complicated answer. But, there are some ways to estimate how much money you'll need to retire comfortably. So, how much do you need to retire?

Before we get into those numbers, let's look at how the age at which you retire impacts how much retirement you currently get from Social Security. What is the maximum Social Security retirement benefit payable? According to Faq.ssa.gov, the maximum benefit is dependent on the age you retire. "For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822," they state. "However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873." Also, when you want to apply for retirement benefits, you can do so using their online retirement application here.

You're able to apply for your monthly retirement benefit as early as 62 years old. You can apply any time between age 62 and 70. The government calculates your payment by looking at how much money you've earned during your entire career. "The amount will be higher the longer you wait to apply, up until age 70," they explain. "The timing is up to you and should be based on your own personal needs." They also have a handy tool to estimate how much you'll get when you apply at different ages. Find the tool here. They also have a chart here where you can look at various dates and see how much retirement you get if you were born in those years. Wow. I have a ways to go, looking at those dates.

So, how much do you need to retire? Let's look at what some experts say and how to find out your needs.

The age you want to retire can have a massive impact on the amount you need to save. If you delay your retirement, it gives your savings longer to grow, and your Social Security benefit will be higher. So, the longer you can delay, the better. In other words, working longer will make it easier save enough money to retire.

Do you want to really live it up in your retirement, or will you be frugal? If you think your expenses might go up in your retirement, you have to save for it. But, if you plan to downsize, you can retire on less.

The AARP sources a 1998 study from Trinity College in Texas, which attempted to "find the most sustainable withdrawal rate from retirement savings accounts over various time periods." In conclusion, the study stated that "an investor with a portfolio of 50 percent stocks and 50 percent bonds could withdraw 4 percent of the portfolio in the first year and adjust the withdrawal amount by the rate of inflation each subsequent year with little danger of running out of money before dying."

Fidelity has a handy calculator that will help you figure how how much you need to retire. First, they ask, what is your age? Then, what is the age you expect to retire? Finally, what do you think your lifestyle will be in retirement? Use their calculator HERE, and they'll give you some useful estimates.