The largest jackpots in history have come from lotteries. There are records of the largest lottery jackpots from the United States, Europe, and the Philippines.
A lot of people buy lottery tickets as a way to boost their income. But if you’re looking to make a real, long-term investment, you’ll need to do some financial planning.
For instance, if you win a Powerball jackpot, you can choose to take the lump sum payout or opt for an annuity. If you go with the annuity, you’ll receive 29 payments over 29 years.
However, the annuity option isn’t available for all lotteries. Some states, such as Florida, don’t offer it. In fact, the only five states that don’t offer Powerball are Alaska, Louisiana, Mississippi, Puerto Rico, and Wyoming.
Even if you choose the annuity option, you’ll still have to pay taxes on your winnings. That’s because the IRS requires that you withhold 24% of the amount you wager. So, while you could get your entire winnings tax free, you might be liable to pay a fair share.
Another advantage to choosing the annuity is that it pays out once. You’ll be able to receive the prize over the course of many years, and you’ll have the opportunity to invest your winnings in a variety of assets.
The Mega Millions jackpot is the second-largest in the history of the mega-millions lottery. It’s also one of the highest jackpots in the history of the world.