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Millionaire for Life Payout Chart: Cash Option, Annuity and Odds
See every Millionaire for Life prize tier and odds, including the $18 million cash option, 20-year annuity guarantee and cash-versus-annual-payment comparison.
Millionaire for Life pays its top prize in one of two ways: $1 million per year for life, with at least 20 annual payments guaranteed, or an $18 million one-time cash option. The second prize offers $100,000 per year for life or $2.2 million in cash. Those are the headline choices, but the game also has seven fixed lower-tier prizes.
This guide puts the complete payout chart, odds and cash-versus-annuity decision in one place. Figures were checked against the official Millionaire for Life game information and prize chart on September 3, 2026. Rules and claim procedures can vary by selling jurisdiction, so winners should confirm everything with the lottery that sold the ticket before making a financial decision.
The $18 million cash option equals 18 years of the advertised $1 million annual payment before taxes. The annuity guarantees at least 20 annual payments, or at least $20 million before taxes, and continues for the winner’s lifetime under the game rules. That does not automatically make the annuity better: timing, taxes, investment returns, inflation, estate planning and spending risk all matter.
Millionaire for Life payout chart and odds
A $5 play uses five white numbers from 1 through 58 and one Millionaire Ball from 1 through 5. There are nine prize levels. The official game lists overall odds of winning any prize as approximately 1 in 8.46.
| Match | Prize | Odds |
|---|---|---|
| 5 + Millionaire Ball | $1,000,000 a year for life $18 million cash option |
1 in 22,910,580 |
| 5 | $100,000 a year for life $2.2 million cash option |
1 in 5,727,645 |
| 4 + Millionaire Ball | $7,500 | 1 in 86,455.02 |
| 4 | $500 | 1 in 21,613.75 |
| 3 + Millionaire Ball | $250 | 1 in 1,662.60 |
| 3 | $50 | 1 in 415.65 |
| 2 + Millionaire Ball | $25 | 1 in 97.80 |
| 2 | $8 | 1 in 24.45 |
| 1 + Millionaire Ball | $8 | 1 in 15.65 |
The top prize is pari-mutuel, and the official chart notes that payouts can change in certain pari-mutuel circumstances. The seven lower tiers are listed as cash prizes. Always use the validated ticket and the rules of the selling jurisdiction as the final authority.
Cash option versus annual payments
| Question | Annual payments | Cash option |
|---|---|---|
| Top prize | $1 million per year for life; 20-year minimum | $18 million once |
| Second prize | $100,000 per year for life; 20-year minimum | $2.2 million once |
| Control | Money arrives on a schedule | Winner controls the lump sum immediately |
| Longevity | Lifetime payments may exceed the guarantee | No additional game payments |
| Main risk | Fixed payments may lose purchasing power | Investment, market and spending decisions move to the winner |
What the 20-year guarantee means
“For life” does not mean that a winner who dies early necessarily receives only a few payments. The official game describes a minimum guaranteed payout over 20 years for the top two prize levels. The exact treatment of remaining payments, beneficiaries and estates should be verified with the selling lottery and qualified legal advisers.
For the top prize, the minimum advertised annuity total is therefore $20 million before tax: 20 payments multiplied by $1 million. For the second prize, the minimum advertised total is $2 million before tax. A winner who lives beyond the guaranteed period may continue receiving annual payments for life, subject to the official rules.
Why the larger advertised total is not a complete comparison
Adding annual checks and comparing the result directly with the cash option ignores the time value of money. A dollar received years from now cannot be invested or spent today. On the other hand, taking cash transfers responsibility for investing, taxes, fees, inflation and spending discipline to the winner.
A useful comparison should model at least four variables:
- After-tax cash: both choices can create federal and jurisdictional tax obligations.
- Investment return: assumed returns should be shown after fees and with risk, not treated as guaranteed.
- Inflation: fixed annual payments buy less over time when prices rise.
- Personal horizon: age, health, beneficiaries and estate goals can change the value of lifetime income.
This page provides game information, not individualized tax, legal or investment advice. A real winner should assemble a qualified attorney, tax professional and fiduciary financial adviser before choosing either option.
How often is Millionaire for Life drawn?
Drawings are held nightly at 11:15 p.m. Eastern Time. Each play costs $5. Players choose five numbers from 1–58 and one Millionaire Ball from 1–5. Tickets are sold only in participating jurisdictions, and a prize must be claimed in the jurisdiction where the ticket was purchased.
For the current drawing and validated game details, visit the official Millionaire for Life page. For the complete official table, see the official prize chart.
Frequently asked questions
What is the Millionaire for Life cash option?
The listed cash option is $18 million for the $1-million-a-year top prize and $2.2 million for the $100,000-a-year second prize, before applicable taxes.
How many years are Millionaire for Life payments guaranteed?
The official rules describe a minimum guaranteed payout over 20 years for the top two prize levels. Lifetime payments may continue beyond that minimum.
What are the odds of winning the top prize?
The odds of matching five white balls and the Millionaire Ball are 1 in 22,910,580. Overall odds of winning any prize are approximately 1 in 8.46.
Does 1 in 8.46 mean a player should win every eight or nine tickets?
No. Odds describe long-run probability across a very large number of independent plays. They do not create a schedule or guarantee a win within a certain number of purchases.
Continue exploring: Browse more Lottery Guides covering odds, prize structures and common player questions.
Last reviewed: September 3, 2026. Lottery Numbers Results is an independent informational website and is not affiliated with Millionaire for Life, Powerball, MUSL or any participating lottery.