It’s the difficult decision we’d all like to face.
Do I take my lottery winnings in a lump sum or spread them out in annuity payments over time?
There are pros and cons to either approach, experts say.
They also say that people overwhelmingly opt for the big payday up front.
Most opt for the big payout — by far
A Massachusetts Lottery spokesman estimated more than 95% of the winners eligible to make the choice want the big pay day.
They say they want the money now, thinking investments can be made and expenditures erased, he said.
Giant national jackpot games Powerball and Mega Millions offer the big lump sum or annual payments over 30 years.
Massachusetts’ Megabucks offers a 20-year annuity payout as an option.
There are other payouts with games like the multi-state Lucky for Life Game, where the top prize is $1,000 a day for life. There’s also a $25,000 per year for life win. And both have cash options, as well.