DES MOINES, Iowa (AP) -- A Waterloo man has claimed a $7.5 million jackpot from last Saturday's Hot Lotto drawing.

Sixty-five-year-old Wally Markham claimed the jackpot on Wednesday at the Iowa Lottery headquarters in Des Moines.

Markham, who retired after 36 years at the Deere & Co. plant in Waterloo, says he plans to invest his winnings -- and buy more lottery tickets. Markham took the cash option and will get nearly $4 million, after taxes.

Meanwhile, time is running out for the winner of a $16.5 million Hot Lotto jackpot from Dec. 29, 2010. The winning ticket was sold at a convenience store in Des Moines. The winner has until Dec. 29 to claim the jackpot or the money will be forfeited.