The options through which Mega Millions lottery winners can receive their windfalls have garnered attention in recent days in light of how massive the jackpot has grown now over $1 billion.
After nobody won Tuesday’s Mega Millions drawing the jackpot has jumped to an estimated $1.25 billion as an annuity and $625.3 million as the lump sum cash option.
CALIFORNIA, USA - JULY 11: A person plays the Mega millions lottery at a gas station as giant Powerball and Mega Millions jackpots grow more than $1B combined, in Trona, California, United States on July 11, 2023.Many of those who have scored lottery jackpots with winning tickets go for the cash option as the way they want to receive their funds.
Mega Millions jackpot winners receive a portion of their prize up front when they choose to go the route of the annuity option. Payments then come each year for 29 years after that, becoming 5% larger each time, according to the lottery’s website. Play stubs are displayed at the lottery counter at Broad Street Liquors, Tuesday, Jan. 3, 2023, in Timonium, Md. An estimated $785 million Mega Millions jackpot set for Tuesday night will give lottery players a chance to start the new year with a lucGetting paid a jackpot through an annuity is where higher interest rate becomes a factor, because the higher the interest rate, the larger the annuity can grow over three decades.
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