November 1, 2022
The Boston Herald recently published an article featuring Jay Zagorsky, Clinical Associate Professor, discussing the second largest drawing in U.S. lottery history.
Wednesday’s estimated $1.2 billion Powerball jackpot is the second largest drawing in the game’s 30-year history and fourth largest ever in U.S. lottery history. If there is a winner in Massachusetts, he or she will receive a $10.5 million payment in the first year, and then $43.1 million in the final year after taxes.
Zagorsky suggests the only way to receive the full estimated jackpot is to accept annual payments over 30 years. He states,“I have spent my entire academic career studying wealth, and even if I had a billion dollars dropped on me, having thought about this for years, I’m not sure if I could physically or mentally adjust that quickly. By taking the multiyear payout, you have the opportunity to really figure out your life.”