In between daydreaming about winning such a huge amount, it’s worth giving thought to the steps you should take right away if you do manage to hit the jackpot.
This group can help you determine whether to take your winnings as a lump sum or as 30 payments spread over 29 years. Most lottery winners choose the immediate, reduced cash amount. For this $454 million jackpot, the cash option is $271.9 million.
Either way, the money would face a 24% federal tax withholding before it reaches you. For this jackpot, taking the cash would mean about $65.3 million getting shaved off the top. However, additional federal taxes would likely be due at tax time, given the top rate of 37%. There also may be state taxes withheld or due.
It's also worth giving some thought to how your life is going to change — and not just from a financial perspective. Some experts suggest seeking guidance from a financial therapist or mental health professional to help you deal with the stress that comes with winning.The chance of a single ticket hitting Powerball's jackpot is 1 in 292 million. For Mega Millions' top prize, it's 1 in 302 million.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Did you win Monday’s $421M Powerball drawing? Winning numbers, live resultsThe winning Powerball lottery numbers are drawn Monday, April 25, 2022, at 10:59 p.m. The Powerball jackpot drawing today (4/25/2022) is worth an estimated $421 million for a single winner.
Read more »
Powerball winning numbers for Monday, April 25, 2022; jackpot $421 millionThe jackpot is an estimated $421 million for the Powerball drawing on Monday, April 25, 2022.
Read more »
Double Check Your Powerball Tickets Now: $2.2 Million Winning Powerball Ticket Set to ExpireTime is running out for the person who bought a winning lottery ticket in Riverside county six months ago.
Read more »
Mega Millions winning numbers for Tuesday, April 26, 2022; jackpot $31 millionThe jackpot is an estimated $31 million for the Mega Millions drawing on Tuesday, April 26, 2022.
Read more »