Some lucky person in Illinois gets to answer this $1.4 Billion question. Winning the lottery changes each winner’s life in a unique way, but each person must answer the same first question: how do you want to be paid?
Option 1 or Option 2?
A $2 Mega Millions ticket contains odds of 1 in 302,575,350 to win the jackpot … winning the jackpot is a big deal. One day when you win the lottery, you will receive life-changing amounts of money.
However, you will be faced with a crucial choice: how do you want to be paid? There are two options to consider before your new life post-lottery-winnings begins. Do you want to be paid through?
· Option 1 — the lump sum, or
· Option 2 — the annuity.
First Things First, Which Option Pays You More
What the heck is the annuity option? Option 2 is less heralded than the famed big check of Option 1, but it is a legitimate option for any lottery winner to consider.
Option 2 allows you to receive a portion of your lottery winnings in one immediate payment, and the remaining winnings over an additional 29 years of annual payments.
