BOSTON (WHDH) - The upcoming Mega Millions jackpot is now sitting at $1.1 billion, making it the third-largest pot in the game’s history, according to the Massachusetts State Lottery Commission.
The largest prize was $1.537 billion in 2018, when the winning ticket was sold in South Carolina, and the second-biggest jackpot prize was $1.050 billion in 2021, when the ticket was sold in Michigan.
Many people told 7NEWS they’d spend the money fast if they win, but experts advise that saving may be the way to go.
“If you do it over a more measurable approach, I think you reduce the risk that the money is gonna be gone without really seeing it,” said lawyer Michael Baker.
Winners have two options to collect their prize. They can take 30 payments over 29 years of $1.1 billion or an immediate cash lump sum estimated at $648.3 million.
“Taking the lump sum payment is probably going to be more beneficial in the long run,” said Baker. “It’s also yours. You’re not waiting for a payment in year 20 or 30. Some of us don’t even have that life expectancy.”
Baker also advises to play it safe and lay low for a little while if you win, as there will be some time before you get the money.
He also advised to sign your name in the designated area on your ticket even before you win in case your ticket falls into the wrong hands.
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