Apollo AI Learn Team · · 6 min read
Big jackpot games usually let a winner choose between a cash option and an annuity. Here's how they differ.
The cash option
You receive one payment, smaller than the advertised jackpot. The advertised figure is based on the annuity.
The annuity
For Powerball and Mega Millions, the annuity is paid as 30 payments over 29 years, with each payment rising by 5% a year.
Questions to consider
- Do I have a plan and professional advisors for a large sum?
- How do taxes differ between receiving it now and over time?
- Would steady yearly payments protect me from spending too fast?
- What happens to remaining payments for my heirs?
| Cash option | Annuity | |
|---|---|---|
| Timing | One payment | 30 yearly payments |
| Total amount | Lower | Higher over time |
| Flexibility | High | Built-in structure |
General information only. Talk with a financial advisor and tax professional before deciding.
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