So you think you’re going to win the $1.2B Powerball prize? Maybe consider not taking a cash payout.
Nicholas Bunio, a certified financial planner from Downingtown, Pennsylvania, said even with his expertise, he would take an annuity because it would so dramatically reduce his risk of making poor investment decisions.“It allows you to make a mistake here and there,” Bunio said. “People don’t understand there is a potential for loss. They only focus on the potential for gain.”
Lottery winners who take cash either don’t want to wait for their winnings or they figure they can invest the money and end up with more money than an annuity would offer. It’s what the biggest winners nearly always do, including the buyers of a Mega Millions ticket in Illinois in July who received a lump sum payment of $780.5 million after winning a $1.337 billion prize.Keil said Powerball’s annuity assumes a 4.3% investment gain of the jackpot’s cash prize.
Charles Williams of Chicago, who buys a Powerball ticket each week and always plays the same numbers, was adamant that he’d take the cash option. All that losing has let the Powerball jackpot grow to be the fourth-largest in U.S. history. If no one wins Wednesday night, the jackpot could become the largest ever, topping a $1.586 billion Powerball prize won by three ticket holders in 2016.
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