The Mega Millions Jackpot Has Just Increased AGAIN
Mega Millions mania has taken over and just yesterday, the Mega Millions jackpot skyrocketed to $1.02 billion. However high sales of the Mega millions tickets has increased Friday's jackpot from $1.02 billion to $1.1 billion dollars with a cash option of $648.2 million. If won, it will be the second largest prize in the 20-year history of Mega Millions, behind only the record $1.537 billion won on October 23, 2018. That winning ticket was sold in South Carolina, and it remains the world’s largest lottery prize ever won on a single ticket. One person won all that money. The question is, will the jackpot rise again before Friday's drawing?
LET'S TAKE A LOOK AT THE TOP TEN JACKPOTS TO DATE:
Amount Date Winning Tickets
$1.537 billion 10/23/2018
$1.100 billion 7/29/2022 WILL THIS BE YOU?
$1.050 billion 1/22/2021
$648 million 12/17/2013
$543 million 7/24/2018
$536 million 7/8/2016
$533 million 3/30/2018
$522 million 6/7/2019
$516 million 5/21//2021
Once the jackpot is won, it resets to $20 million. The jackpot grows based on game sales and interest rates. The odds of winning the jackpot are 1 in 303 million.
NOW TO COLLECT...
The big question - take the lump sum or get paid for thirty years...
- Lump sum: $500 million or so is your take home after taxes. That's right Uncle Sam takes about $113 million when you choose this option. There's also a 37% top marginal tax rate which translates to more money owed on April 15th. PRO: You can get all the money now and make money off the interest and investments. CON: Most of the people that lose all their lottery have taken the lump sum.
- Annuity: You’ll get a nice big payment to start. Then, 29 annual payments that span the next 30 years. PRO: You have a security of getting something each year. CON: How healthy are you? LOL.