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Powerball jackpot reaches $786M: What to do if you win
Fox Business • • business
Key Points:
- The Powerball jackpot has reached an estimated $786 million, making it the ninth-largest prize in the game's history, with the cash option valued at approximately $341.6 million before taxes.
- The jackpot has been growing since May 2, with no winner in 40 consecutive drawings, and the prize can be claimed as a lump sum or as an annuity paid over 29 years with increasing payments.
- Experts advise potential winners to protect their privacy, especially in states allowing anonymity, and to be cautious about publicizing their win to avoid unwanted solicitations.
- Financial advisors recommend hiring a tax attorney and CPA promptly, understanding tax withholding of about 24%, and carefully considering the choice between lump sum and annuity options based on personal financial goals.
- Winners are encouraged to avoid large purchases initially, prioritize paying off high-interest debts, and focus on long-term tax and financial planning to preserve their winnings.
