Nobody won Tuesday night's Mega Millions drawing, which means the jackpot grew to a whopping $548 million dollars.

If you haven't bought a ticket yet, maybe it's time. After all, even if you settle for the lump sum of $380 million, after all the taxes you're still walking with about $230 million. Not too shabby, eh?

Let's say you actually win on Friday. What are your options for redeeming your winnings?

You could select the annuity option which would be paid out over a span of thirty years. You'd receive one payment immediately, and then an annual payout every year for the next twenty-nine years. Lotteryhub.com explains that the annual payments increase by 5% every year.

If you select the cash option, you will receive all the cash available in the jackpot prize pool.

Which route should you choose? Honestly, that depends on a number of varying factors. For example, if you're retired, it would make more sense to take the lump sum. Why? As previously mentioned, the annuity option pays you in yearly installments over the next 30 years. If you're already in your 60s, you have no idea what the next thirty years has in store. To ensure you're getting everything you won, the cash option would be best.

If you're an 18-year-old, you might consider going with the annuity option. For one, it would be easier come tax season. The other obvious reason for choosing this option is that you're payment installments would be complete before you turned 50, therefore you would walk away with more money in the long run.

The problem with the annuity option for everyone is the unknown, that's why most people regardless of age or present life circumstances choose the cash payout option, that way they have more control over their winnings.

Whichever payout you'd choose, we wish you the best of luck in this Friday's drawing! Don't forget about us if you win!

Source: LotteryHub.com