The new winner who scooped the latest Mega Millions jackpot now has a very difficult decision to make before claiming the money.
The winning numbers were 13, 19, 20, 32, and 33 with a gold Megal Ball of 14, a record high for the lottery and among the biggest-ever U.S. drawings.
According to the state’s lottery, the winning ticket was sold at a Publix supermarket in Neptune Beach, Florida.
In a statement, Georgia Lottery President and CEO Gretchen Corbin, the lead director of the Mega Millions Consortium, said: “We congratulate our newest jackpot winner, as well as the more than 43.7 million winners at all prize levels throughout this jackpot run.
“We also celebrate the funds generated for the many good causes supported by our participating lotteries.”
The lucky player from Florida has to choose whether they want to receive the money in one giant lump sum or spread it out across a period of 30 years.
Even though a lump sum may seem more enticing to some, this option reduces the winnings significantly.
From $1.58 billion, the amount will be reduced to $783.3 million in case the winner would go for a lump sum settlement.
The winner also faces a federal tax rate of 24 perfect, lowering the amount to only $595.3 million.
If the player is already a higher earner, the tax could be as much as 37 percent – reducing their winnings to only $493.5 million.
On the other hand, yearly payments spread out over 30 years will allow the winner to receive more money.
From $52.6 million, the government would take its portion and reduce each payment to $33.1 million. After three decades, the winner will have received $993 million in total.
No matter what the winner chooses, their life will be changed forever. A yearly salary of $33.1 million or $493.5 million instantly is actually a good problem to have.
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