What are the payout options?
If you are a Mega Millions jackpot winner, you will have the choice of a Cash Option or an Annual Payout. Annuity option: Provides annual payments over a 26-year period. For every $1,000,000 in the jackpot, you will receive approximately $38,500 per year before taxes. Cash option: A one-time, lump-sum payment that is equal to all the cash in the Mega Millions jackpot prize pool. Prize claim parameters vary from state to state. Contact your Mega Millions state lottery for detailed information.
When you are ready to retire, you may select a lump-sum cash distribution or one of the following settlement options: • Life income – payments will be made for as long as you live. If you choose, you can specify a minimum number of months (60, 120, 180, or 240) and if you die before the end of that period, payments will be made to your beneficiary for the remainder of the time. • Life income for two payees – payments will be made for as long as you and another person you select live. At the death of either, payments will continue to the survivor. • Payments for a stated period of time – payments will be made for the number of years chosen, but no less than 3 and no more than 30. • Periodic Withdrawal – allows you to elect to receive a specified amount of the account’s cash value, as a periodic distribution needed to supplement your cash flow.
