UPDATE: The winning numbers in Wednesday evening's drawing of the "Powerball" game were:
02-11-22-35-60, Powerball: 23, Power Play: 2
DES MOINES, Iowa (AP) — Think you’re a sure bet to win an 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.
Winners of giant jackpots like the one up for grabs Wednesday night nearly always take the cash, and financial advisors say that might be a mistake.
Nicholas Bunio, a certified financial planner from Downingtown, Pennsylvania, said that even with his expertise, he would take an annuity because it would so dramatically reduce his risk of making an investment mistake.
