What Should You Do If You Win Massachusetts VaxMillions Giveaway?

Photo: Gov. Charlie Baker's Twitter

MASSACHUSETTS (WBZ NewsRadio) — The state's first Mass VaxMillions winner will be announced Thursday and the new lottery program offers fully vaccinated residents the chance to win a million dollars.

The drawing on Thursday is the first of five 1-million-dollar prizes for residents 18 and older. Let's say you're the first lucky winner, the question on many people's minds are what should you do with all that money?

Financial planner Ryan Hazel from AmeriPrise Financial Services Company says the first thing you should do is get that money to a safe place.

"A safety deposit box, depositing it to their investment account with their investment advisor or their bank account would certainly protect that from loss or theft," said Hazel.

Now, the next step according to Hazel, is to develop a plan for the money. "Maybe hire some professionals whether that be a financial planner, an attorney or an accountant," said Hazel.

READ MORE: Next Steps To Come, Governor Baker Says State Is Reviewing New CDC Guidance

He adds, hire whoever you think is necessary to be on your team.

Attorney Michael Baker from Baker Law says expect a big tax hit right off the top. "Usually for most tickets there is a $650,000 immediate payout and then they withhold federal and state income taxes," said Baker. 

Your net after taxes is about $460,000 according to Baker.

Drawings will take place on Mondays and winners will be announced three days later, on Thursdays. It will be happening for the next five weeks.

In addition to the $1 million drawings, there will also be a drawing every Monday for a $300,000 college scholarship for fully vaccinated residents between the ages of 12 and 17.

For more information on the drawings and rules, click here.

WBZ NewsRadio's Kim Tunnicliffe (@KimWBZ) Reports:

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