Should I take my lottery winnings in a lump sum or annually?

I recently won $1,000,000 in the lottery. If I take the lump sum option, I'll get about $500,000 after taxes. If I take the payments over 20 years, I will get about $37,000 a year for 20 years after taxes. Which is the best option?

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July 2017
91% of people found this answer helpful

First, congratualtions!

Second, it depends!  I would suggest you take a step back and consider your financial situation in light of this windfall, here are some things you should think about before making any decisions.

I am here as a resource should you have any questions.

Best Regards,

Derek

October 2016
October 2016
October 2016
October 2016