Think you’re a sure bet for Wednesday night’s estimated $1.2 billion Powerball jackpot?
Going to win $1.2B Powerball prize? Consider not taking cash
DES MOINES, Iowa (AP) - Think you’re a sure bet for Wednesday night’s estimated $1.2 billion Powerball jackpot?
If so, you need to decide whether to take cash, which would actually pay out $596.7 million, or choose the $1.2 billion annuity option that is twice as large but is paid out over 29 years.
Winners of giant jackpots nearly always take the cash, and financial advisors say that might be a mistake.
Nicholas Bunio, a certified financial planner from Downingtown, Pennsylvania, said that even with his expertise, he would take an annuity because it would so dramatically lessen his risk of making poor investment decisions.