If the winner is older, the lump sum may be the better choice, Love said. “If you accept the lump sum, you get all the money at one time, you get to invest the money however you want it to be invested, and you’re paying tax at a time when the effective tax rate is the lowest in a generation,” he said.

A Mega Millions ticket holder in California woke up much richer on Saturday after they matched all six numbers in the lottery hours before to win an estimated $1.3 billion, the fifth largest jackpot in the game's history.