California Mega Millions winner loses half her fortune

Rosemary Casarotti, a Mega Millions winner, recently revealed her identity after winning a staggering $1.2 billion jackpot. Casarotti's ticket was purchased at a Circle K store in Cottonwood, California, about 150 miles from Sacramento. The announcement of her win was made during a press conference by California Lottery officials last week. Casarotti, who is in her 60s, opted to take her winnings as a lump sum. This decision reduced the jackpot from $1.26 billion to $571 million. She shared that she wishes to maintain her privacy despite her newfound wealth. The Mega Millions prize claimed by Casarotti is the largest in California's history. When winners go for a lump sum, they immediately incur tax deductions. Casarotti must pay 24% in federal taxes, although California does not tax lottery winnings at the state level. Winners have two main payment options: a lump sum or an annuity, which provides payments over time. Each situation has benefits. Annuities allow time for careful financial planning, while lump sums require immediate tax payments. Experts advise using a financial advisor to make the best choice. This year has already seen other significant wins. A player in Arizona recently won a Mega Millions jackpot worth $112 million, while a 79-year-old man in Oregon won $328.5 million in Powerball. Both winners also chose the lump sum option.