Going to win $1.2B Powerball prize? Consider not taking cash

DES MOINES, Iowa (AP) — Think you’re a sure bet for Wednesday night’s estimated $1.2 billion Powerball jackpot?

If so, you need to decide whether to take cash, which would actually pay out $596.7 million, or choose the $1.2 billion annuity option that is twice as large but is paid out over 29 years.

The numbers drawn Wednesday night were: 2, 11, 22, 35, 60 and the red powerball 23. It was not yet known if anyone had won.

Winners of giant jackpots nearly always take the cash, and financial advisers say that might be a mistake.

Nicholas Bunio, a certified financial planner from Downingtown, Pennsylvania, said even with his expertise, he would take an annuity because it would so dramatically reduce his risk of making poor investment decisions.

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