Does Anyone Choose The Annuity?

We just got a letter from a man asking about the issue of cash vs. annuity in Powerball®, and whether anyone has chosen the annuity option lately. It is true that many jackpot winners in recent years have chosen to receive their prize as a lump-sum cash payment, but some also have chosen the annuity option.

The ultimate decision is up to you as the winner when you’re claiming your prize. Here in Iowa, you have 60 days to decide whether you want to receive your jackpot in annuitized payments over time or as a one time, lump-sum payment. On our home page, we give both amounts so you’ll understand the money involved.

There are any number of factors that go into the decision: Maybe you just feel like one of the options is better. Maybe your age is a factor, your other income or your type of employment. A financial planner or attorney can help you decide which option is best for you, so that’s why we always suggest you seek advice before claiming a jackpot prize. It truly is a life-changing amount of money and you want to be sure you’ve thought things through.

So, check out our home page for the latest jackpot amounts. Have fun daydreaming about what you’d do with the money, and just know the decision is yours when/if the time comes!