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The MegaMillions Jackpot is now 1.6 Billion!

The Mega Millions jackpot is now $1.6 billion—here's who won the 5 biggest US lottery prizes ever

Although investing is one of the smartest ways to grow your wealth,

it's not the only way. A lucky few become instant multimillionaires thanks to the lottery.

If you want to take a chance on joining them, Tueday's Mega Millions jackpotis now $1.6 billion, the highest jackpot ever.

Lottery winners can choose to receive the money in either an annuity — annual allotments over 30 years — or to get it all at once in a single payment for a smaller amount. For example, the lump sum on the $1.6 billion jackpot would be $904.9 million, according to lottery site If a single winner takes the single payment, the federal tax withholding would be over $217.2 million. Then, there can be state taxes too.

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