Winning a large lottery prize continues to be a dream of many Americans with large payouts for the Powerball and Mega Millions in 2022 leading to both lottery drawings among the most searched items on Google for the year.
Here’s a look at the latest Powerball jackpot and some items you can win if you are the lucky person with the winning ticket.
The Powerball Jackpot: At $572 million, the current Powerball drawing is one of the largest of the year, but trails the $1 billion level hit earlier this year and back in 2022.
The odds of winning the Powerball jackpot are 1 in 292.2 million. The overall odds of winning a prize are 1 in 24.9 tickets.
Lottery players can purchase tickets for $2 each in more than 40 U.S. states, choosing to pick their own numbers or receiving a random selection. Five numbers between 1 and 69 are selected, along with a Powerball number 1 to 26. To win the Powerball, a player has to match all six balls in the drawing.
The drawing takes place around 11 p.m. ET on Mondays, Wednesday and Saturdays. If no ticket has the correct six numbers, the jackpot grows for the next drawing.
Lottery Winnings: Winners of large jackpots can take a lump sum cash payment or choose to be paid out the full amount over 29 years with 30 payments. One payment is made upfront and additional payments each year go up by 5% to fight inflation.
The cash payout is lower than the full payout over 29 years. The current cash payout listed on the Powerball website is $286.7 million.
A winner will have to pay federal taxes and will be responsible for state taxes depending on where they reside.
The IRS takes 24% immediately from winnings over $5,000. This means that the cash payout for Wednesday’s Powerball jackpot would be $217.89 million based on a lump sum cash option after the 24% federal taxes are taken out.
The winner could choose to save the money, invest it, or spend it on various items.
Here’s a look at 10 items that could be considered.
1.S&P 500: If a winner decides to invest the money, they could consider investing in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the broad-based S&P 500 Index of 500 of the largest U.S. companies. The $217.89 million could purchase 465,646.57 shares of SPY with the winnings. The S&P 500 averaged annual returns of 9.90% over the last 30 years, which would be…
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