annuity

However, the market is favourable to anyone currently buying an annuity - a retirement income for the rest of their life, bought only once.

Administrative costs total only 0.5% of annual benefits, about a quarter of the percentage cost fifty years ago, and far cheaper than private retirement annuities.

Tuesday’s winner can opt for an annual annuity that pays out over 30 years or claim a $409.3-million lump sum.

The legislation goes further to assert that the act of killing oneself with self-administered prescription medication does not invalidate any part of an insurance policy or annuity.

The jackpot has a cash value of $621 million if the winner chooses to take a lump sum rather than an annuity paid over 30 years, with an immediate payout followed by 29 annual installments.