Like many lottery winners before her, Morris ignored this advice and chose to receive the lump sum, which came out to be $417,012 after taxes.
'If you get a huge lump sum, it's easier to make a mistake, whereas if you choose the annuity, then at least if you mess up and blow the first year's worth, you have another chance,' he says. Nick Holeman, certified financial planner at Betterment tells CNBC Make It that the annuity is usually the wise choice.
