Powerball Jackpot Swells to $1.2 Billion, Third-Largest in History; Winner Faces Lump Sum or Annuity Choice

Powerball jackpot hits $1.2 billion, the third-biggest prize in the game's history.

Winner can choose lump sum of $551.7 million or annuity with one immediate payment followed by 29 annual payouts.

Experts say annuity protects against early financial mistakes while keeping majority of proceeds safe.

Weigh long-term plans when deciding between lump sum and annuity.

This is the first time Powerball has seen back-to-back billion-dollar jackpots.