Mega Millions Jackpot Soars to $1.55 Billion, Biggest Prize Since 2018
The Mega Millions jackpot has reached a staggering $1.55 billion after months without a winner. This could potentially become the game’s biggest prize since the record-breaking $1.537 billion windfall won in October 2018, according to Mega Millions. The final confirmation will be announced closer to the next drawing on Tuesday at 11 p.m. ET.
With no ticket matching all the winning numbers from Friday night’s drawing, the jackpot has continued to grow, captivating the nation’s attention. This incredible sum has left many lottery players dreaming of a life-changing fortune.
The current jackpot marks the fifth time that Mega Millions has awarded prizes in excess of $1 billion. Previous billion-dollar prizes were won in 2018, 2021, 2022, and 2023. However, the odds of scoring the winning ticket stand at approximately 1 in 302 million, making it a highly anticipated event.
For the fortunate winner who does manage to hit the jackpot, multiple decisions await. One of the biggest choices that the lucky individual will have to make is whether to opt for the one-time lump sum “cash option” or the 30 annuitized payments.
The cash option, currently estimated at $757.2 million, provides an immediate payout, albeit at a reduced amount. On the other hand, the annuitized payment option, valued at the full $1.55 billion, offers a longer-term financial plan. Those who choose this option will receive 30 annual payments, with each payment increasing by 5% each year.
If the winner chooses the annuity, they will have the opportunity to learn from any mistakes made in the initial years, ensuring the majority of the prize still comes their way. This benefit is according to Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. While he admits that around 95% of winners choose the lump sum option, Stoltmann encourages individuals to seriously consider the annuity payout.
Stoltmann explains, “Let’s just say the curse of the lottery is real.” He emphasizes that there are three main “big drains” on lottery winners, including bad investments, relatives who ask for money, and overspending. By selecting the annuity option, winners have the advantage of protection and the ability to make financial mistakes in the earlier years while still receiving a large portion of the prize.
However, for those who have access to financial experts, the lump sum may be a better choice. Tommy Lucas, a certified financial planner and enrolled agent at Moisand Fitzgerald Tamayo in Orlando, Florida, suggests that professionals can likely outperform the annuity payments by managing the upfront lump sum effectively.
The next Mega Millions drawing is set for Tuesday at 11 p.m. ET, generating even more excitement as the jackpot skyrockets to an all-time high. This comes just three weeks after a single ticket sold in California won Powerball’s $1.08 billion jackpot. Powerball’s top prize is currently sitting at $145 million, with odds of winning the jackpot at approximately 1 in 292 million.