It ’s been more than three month since someone came forward with a gain ground Mega Millions ticket , and the prize is as full-grown as it has ever been . The jackpot is estimated to stand at$1.55 billionas of August 8 , 2023 , making it the lottery ’s biggest potential payday since the last record was mark in 2018 . The chances of winning are svelte , but it does n’t wound to be prepared : If your ticket match the winning numbers , here ’s the first conclusion you want to make before your life changes .
While $ 1.55 billion is the figure that ’s being publicise , Mega Millions wo n’t be handing over a check for that amount to the winner . Whoever holds the winning drawing ticket will be giventwo options : They can collect their winning as a one - meter glob sum that ’s less than the value of the total jackpot ( in this case , it would be$757.2 million ) , or they can receive the full amount in one-year instalment stretched out over 29 eld . achiever who choose the installing or annuity programme will be given one large payment upfront followed by checks that spring up by five percent each class .
Collecting the money and running is beguiling , and it ’s the option that mostlotterywinners end up choose . But according to money expert , that ’s the wrong move — not only because you ’re getting less money in the longsighted streak , but because it leave you vulnerable to bad luck and pitiable fiscal preparation . “ If you get a vast glob sum , it ’s easier to make a mistake , whereas if you choose the annuity , then at least if you mess up and ball up the first year ’s worth , you have another probability , ” financial planner Nick Coleman toldCNBCin 2017 .
EvenShark Tankinvestor / multi - billionaire Mark Cuban agrees that annuity is the safe bet . In 2016 , he say theDallas Morning Newsthat it helps winner avoid blowing all their winnings at once .
No matter which option achiever choose , they ca n’t avoid losing a sizable clod of their trophy to taxis . After Union taxes , thelump sumof the latest Mega Millions jackpot will amount out to around$575 million — and that ’s not include nation income taxes and what the winner will have to pay off derive tax time of year . Theannuity planisn’t exempt to taxation , but it adds up to more money overall after 29 year .
A version of this history ran in 2018 ; it has been updated for 2023 .
