It’s been over a week since the number for the $1.08 billion Powerball Winner was announced, and the Powerball Winner has yet to come forward. But how the Powerball Winner will receive the money?
Powerball Winner can choose Lump Sum Or Annuity
The Powerball winner is given two options receiving their money as a lump sum payment or either as an annuity option with 30 installments. But most of the Powerball winners will choose the lump sum, and it will give the money to them all at once. The lottery agency will automatically decrease the portion of the earnings.
The Powerball winner who chooses a lump sum can resist spending all their money on mansion houses, nice cars, and private jets. They can earn even more than the advertised prize itself.
However, the annuity option yields the entire advertised prize over 30 installments, and this time the Powerball winner would be looking at $36 million per year for the next 29 years for a total of $1.08 billion, and after taxes are taken out that would end up $22.7 million per year or $682 million total.
The Powerball winner can receive more than $330 million
In the annuity option, the Powerball winner will receive more than $330 million than could the lump sum winner received.
The annuity Powerball winner can double their winnings and prevent themselves from spending all their money.