![]() ![]() On the other hand, you lose the chance of investing in other high-yield opportunities. You will only pay taxes on the amount you receive every year, so you'll incur less tax liability in the long run (you can check it in your state using this Mega Millions payout calculator). If you choose the annuity payments option, you'll get 100% of your jackpot! Your Mega Millions payout amount for every annuity will increase by 5% annually until the entire amount paid out. Still, the jackpot is usually a lot of money for you to quit your job, and it might be worth it if you have a good investment option that offers a considerably better return.īesides, the interest rate used in evaluating the annuity payment varies, so investing the cash amount into a business account, either a fixed deposit or recurring deposit, or a 529 account for your child are options worth considering. Choosing to get paid at once today will get you only about 80% of your total jackpot winnings, and after you pay taxes on your winnings, you'll probably end up with around 50%.
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