Winners of giant jackpots nearly always take the cash, and financial advisers say that might be a mistake.
Under the annuity plan, winners will receive an immediate payment and then 29 annual payments that rise by 5% each year until finally reaching the $1.2 billion total.
While purchasing five Powerball tickets at a Speedway gas station in Minneapolis, 58-year-old Teri Thomas said she’d rather take the cash prize because she doesn’t think she’ll live long enough to collect an annuity over 29 years. Charles Williams of Chicago, who buys a Powerball ticket each week and always plays the same numbers, was adamant that he'd take the cash option.
All that losing has let the Powerball jackpot grow to be the fourth-largest in U.S. history. If no one wins Wednesday night, the jackpot could become the largest ever, topping a $1.586 billion Powerball prize won by three ticket holders in 2016.
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