Mega millions drawing reaches $681M: What to do with your winnings if you’re the lucky winner

(WWLP) – There’s an estimated $681 million jackpot up for grabs Tuesday night. 22News spoke with a financial expert on how to protect your earnings if you are the lucky Mega Millions winner.

According to Senior Vice President of Investments at Raymond James and Associates, Mark Teed, the first step is to hire a lawyer to protect your identity. Next, it’s important to consult with a financial expert to determine the best ways to invest your winnings.

Teed suggests distributing some of the money to charities or causes that are important to you before creating a budget for your remaining funds. He says this will help ensure that your winnings are put to good use and will also prevent overspending.

“Well, you can certainly put it into annuities, which are tax-deferred things depending on how old you are. If you’re young, you probably want to protect it. Of course, you want to live on some income, but you want to put it in a spot where you don’t ever have to pay taxes on it,” said Teed.

If this jackpot is hit it would be the 7th largest jackpot won in game history.

Local News Headlines

What happens if the ballot question on auditing the state legislature passes?

Stocks drop 600 points amid economic concerns

Massachusetts recognizes September as College Fire Safety Month

What questions will be on your November ballot?

WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on WWLP.com.

For the latest news, weather, sports, and streaming video, head to WWLP.