Weather Alert

Both Powerball and Mega Millions Jackpots Above $400 Million

(KFOR NEWS  January 4, 2021)   CNBC – The Powerball jackpot has jumped higher again.

With no ticket matching all six numbers drawn on Saturday, the top prize is now $410 million for the next drawing on Wednesday night. Mega Millions’ jackpot is $432 million for Tuesday night’s drawing.
While the chance of a single ticket matching all six numbers in either game is miniscule – 1 in 302 million for Mega Millions and 1 in 292 million for Powerball – it’s still worth considering how you would handle such a windfall if you were to beat the odds.
The after-tax amount would be life changing. Experts say large lottery winners should assemble a team of experienced professionals – an attorney, a tax advisor and a financial advisor – to help navigate the windfall.
Lump sum or annuity?
You get to choose between receiving your win as a lump sum of cash or as an annuity spread out over three decades. Either way, the money will be taxed when you receive it.
Right now, federal income taxes are low from a historical standpoint – and it’s impossible to know where they may be years from now. This means that from a tax perspective, it could cost you more to take the annuity because tax rates are more likely to increase down the road than decrease, experts say.
Lottery lines should be lengthy the next few days despite the long odds of winning — roughly 1 in 300 million.  To put it into perspective:

1 in 12.1 million: Becoming an Astronaut
1 in 10 million: Being a U.S. President
1 in 1.5 million: Becoming a Movie Star
1 in 662,000: Winning an Olympic Gold Medal
1 in 11,500: Winning an Oscar
Connect With Us Listen To Us On