What to Do If You Win a Lottery Jackpot

When a lottery jackpot gets big, it means more people are buying tickets. But that doesn’t mean they are winning. The odds are still incredibly low. In fact, they are much more likely to be attacked by a shark or die in a plane crash than hit the jackpot.

Lottery winners must make many decisions if they win a big prize. Probably the most important is how they will receive their payout. Most lotteries offer winners a choice of a lump sum or an annuity payment. The lump sum is a one-time payment of the prize, and is generally smaller than the advertised jackpot. This is because taxes and discounts are taken out of the winnings. The annuity option is a series of annual payments that increase each year. This can last for 30 years or more, and can be passed on to heirs in the event of your death.

If you do win a large jackpot, it is wise to surround yourself with a team of lawyers and financial advisers. It is also smart to keep your mouth shut and to document your winnings carefully, so you don’t get inundated with vultures and new-found relations. Finally, you should invest some of your winnings in order to generate income for the rest of your life. Contact a qualified investment advisor here to learn how. They can help you develop a portfolio that is tailored to your risk tolerance and investment goals.