What is the difference between lump sum and annual payments?

lottery lump sum payout
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Carolyn Becker with the California Lottery says the cash lump sum comes out to $ million If the winner takes the yearly payments, it adds

The biggest pro of taking the lump sum payout is that you have full control over your money However, the biggest con of the lump sum payout for If you take the lump sum payout of a sizable lottery jackpot, you will likely be pushed into the top tax bracket of 37%

saturday lottery drawing Every Mega Millions or Powerball jackpot winner has the option to take cash now in a one-time lump sum or opt for 30 annual payments  The cash lump-sum payout is the amount won at the draw, which is equal to a percentage of the total revenue generated from ticket sales The annuity payout