Seriously? Millionaires? In MA? $1 million. I don’t think so. Most people take the lump sum up front. That’s $500,000, right there. Then? You pay Federal taxes on that! 35%! So take another $175,000 from that. Then....they live in MA! High state taxes. All Northeast states are high tax states. On top of that, if looking in MA, you don’t get much for your buck. If they lived in Mississippi, I would say yes. So these people are not millionaires and this is a waste of the viewers time! This couple should call a financial advisor and invest it in some good growth funds.
Episode
Seriously? Millionaires? In MA? $1 million. I don’t think so. Most people take the lump sum up front. That’s $500,000, right there. Then? You pay Federal taxes on that! 35%! So take another $175,000 from that. Then....they live in MA! High state taxes. All Northeast states are high tax states. On top of that, if looking in MA, you don’t get much for your buck. If they lived in Mississippi, I would say yes. So these people are not millionaires and this is a waste of the viewers time! This couple should call a financial advisor and invest it in some good growth funds.