That’s not necessarily the best financial choice, but it may help you control spending and stay organized. However, if you’re concerned about spending your money too quickly, then choosing the annual payment option may be advantageous. Why? According to classic financial wisdom, “A dollar today is worth more than a dollar tomorrow.” You can invest the money you receive now and hopefully earn a higher rate of return. Financially, the lump-sum payment is preferable. Which option should you choose? It’s a personal choice. Alternatively, you could choose 30 payments over 29 years (and you’ll be responsible for paying taxes as you receive each annual payment). The upfront, lump-sum cash option for Mega Millions is $602.5 million (minus mandatory tax withholding). You can receive an upfront, lump-sum cash payment or annual lottery payments. If you win the Mega Millions, you will choose how to receive your money.
Choose between lump sum and annuity payments
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