Mega Millions choice…Lump sum or 26 annual payments?
Posted by MarkJul 10
If I win the Mega Millions jackpot, should I take the lump sum payment, or the 26 annual payments.
Lump sum is approx. 60% of total jackpot. Currently you will get .2 million(of a 5 Million jackpot), before taxes.
Or you get 26 annual payments of ,500 per million won. The current jackpot is 5 million, so you would get ,812,500 before taxes per year for 26 years.
What is the best option? Clearly I am going to win this thing on Tuesday.
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I have given this alot of thought over the last couple of years i say it depends on how old you are and how well you manage money.I would take the 26 annual payments because think about it the average person makes about 2-3 thousand dollars a month if you take annual pymt that’s 4,812,500 a yr you could put that in a privet bank and have it disperse to you over a 12 month period which would be over $350,000 a month that sounds good to me nd it will be this way for the next 26 yr there is no pressure to get a business start or to do anything right away
If I recall correctly, they say the lump sum option is the best as the present value of money is worth more today than in the future. But I think it also depends on how well you manage your money.