Lump sum or annual charge? It’s a fundamental desire for all lottery winners, and financial advisers say selecting the nice approach can be complex.
But as this week’s record Powerball payout showed, having that huge check unexpectedly is nearly irresistible.
Since December 2009, the Florida lottery has paid out 148 jackpots to Lotto, Powerball or Mega Money winners. All but five took the lump sum.
It’s the same all around the country, stated Don McNay, a Kentucky representative who makes a speciality of advising lottery winners and people who gain unexpected wealth due to private harm claims.