Wanna know how much you actually get to stuff in your piggy bank when you win the $1,000,000 grand prize on one of the ubiquitous reality shows on every network, from "So You Want to Be a Millionaire," to "So You Think You Can Dance," and "Survivor?"
Try $375,000, less the average federal income tax rate for another $56,250, leaving the newly crowned "millionaire" a whopping $318,750. That's because the $1 million comes in the form of a 40 year annuity, which, if you live that long, will pay you $25,000 a year, less taxes, which means you won't be quitting your day job. If you want it all up front for your wife's kidney transplant, better start shopping around for the "No Frills Clinic" and an underemployed Doc in the Box who graduated last in her class at Med School, because your average kidney transplant bills out at around $60,000, not counting the cost of the hospital room or outpatient, after surgery care. With dialysis running $44,000 a year while waiting the average of 30 months for a compatible kidney, that's another $100 grand, which cuts you down to a net of $148,750, or about one-sixth of a millionaire. Live it up. Take a cruise.
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