How to Keep Your Lottery Jackpot Private

The Mega Millions jackpot continues to rise and is currently worth more than $20 million. There is a one in 302.6 million chance of winning, but if you are lucky enough to be one of the lucky winners, the prize would be enormous. It would be the fourth-largest lottery prize ever won in the U.S.

People play the lottery because it is a low-risk investment with the possibility of winning hundreds of millions of dollars. The millions that are spent on tickets each year contribute billions to the government’s coffers. However, these players are sacrificing thousands of dollars in savings that they could have used for a college education or retirement.

Unclaimed lottery jackpot prizes have happened in several cities. In August 2006, a lottery jackpot in Queens, New York, went unclaimed. On April 25, 2003, a lottery in Brooklyn, New York, went unclaimed for 46 million. And on Dec. 24, 2002, a lottery game in New York, called Veikkaus, had a jackpot worth $68 million.

One way to keep your lottery winnings private is to choose an annuity. Most lotteries offer an annuity or lump sum payout. A lump sum is a one-time payment of the prize, while an annuity spreads payments over 20 or 30 years. In addition to being secure, annuities also allow you to leave your prize to your heirs in a will.