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Cash vs Annuity

Powerball winners have a big decision to make once they win the jackpot. They have 60 days to opt to receive their winnings in 30 annual payments over 29 years or to take a reduced cash lump sum, which represents the money available at the time the jackpot is won. The annuity amount is the value of the lump sum after 29 years of investment. Both options are liable for tax and choosing which method is preferable to you is entirely down to your personal circumstances. The cash option has proved far more popular with players in recent years, with only five jackpot winners between 1999 and the start of 2016 opting for an annuity.

Here are the points in favour of each.

Cash

Annuities

You should always take expert advice before making such a big decision, as this is a complex issue. Some careful thought early on could help you live your life as a new millionaire to the fullest without worrying about the money running out prematurely! Learn more about the awards on offer at the Powerball Prizes page.