Winning the lottery is a dream for many people. However, once you win the jackpot, it’s important to keep your name and winnings anonymous. This protects you from scammers and long lost friends who want to take advantage of your good fortune. Here are a few tips for keeping your winnings secret.
The first step is to decide what you want to do with your prize money. Mega Millions jackpots are generally lump-sum payouts, but you can opt for annual payments if you’d rather receive money over a long period of time. The cash value of the jackpot is about $602.5 million before taxes. If you chose an annual payment option, you’ll receive your winnings over 29 years. This way, you won’t become a billionaire overnight.
Buying multiple tickets to play the Mega Millions is also an option. In addition to the $1 billion jackpot, there are many smaller prizes that can be won. Last month, a person in Illinois won the $1.02 billion Mega Millions jackpot. The winning ticket was one of four bought at a grocery store. The Robinsons chose a lump sum payment to receive their prize, while David Kaltschmidt and Maureen Smith chose to split their prize.
Once you’ve won the jackpot, there are many decisions to make. Most lotteries have two different payout options: a lump sum and an annuity. A lump sum is a one-time payment of the prize after taxes, while an annuity is a series of payments spread out over 20 to 30 years. If you choose an annuity, you’ll be able to keep the money in annuity for a specific number of years and even leave it to your heirs.