What is the difference between the annuity and lump-sum options for jackpot prizes?

Posted on : November 29, 2023

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Regarding jackpot prizes, Powerball winners have two primary options: annuity and lump-sum payments. The annuity option distributes the jackpot over 30 years in annual installments, providing long-term financial security. In contrast, the lump-sum option offers an immediate, one-time cash payment. While the lump sum is typically less than the advertised jackpot, winners can access a significant sum instantly.

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