One of the best ways to handle your jackpot lottery win is to put together a team of professionals. Financial planner Lisa Kirchenbauer says that if you find yourself suddenly rich, you should hire a team of experts to handle your financial affairs. Powerball jackpots, for example, are calculated by taking the current prize pool and investing it for three decades.
Power Play multiplies lower-tier winnings by up to 5
Power Play is a feature that can increase your odds of winning a prize by up to five times. Power Play is a secondary-tier feature that is separate from the main Powerball drawing. It is drawn from a separate barrel of 42 or 43 balls, and each ball has a number representing the multiplier for the prize. If you win the main prize and the Powerball, you’ll receive a payout based on the Power Play multiplier.
In addition to the jackpot prize, the Power Play option can increase your lower-tier winnings by up to five times. This feature is only available when the jackpot amount is less than $150 million. It is a good way to increase the chances of winning a prize if you’re unable to match all five numbers.
Mega Millions jackpot reaches $500 million
The Mega Millions jackpot is close to $500 million, and if you have a winning ticket, you could be one of the next millions of lucky winners. If you win the jackpot, you can claim the prize in lump sum or receive an annuity over 26 years. The cash value of the jackpot is around $359 million. It’s the eighth-largest jackpot in the history of the lottery.
If you’re a lottery player, you’ve probably dreamed of winning a lottery prize in the past. However, the prize amounts have grown to astronomical proportions over the years. For instance, the $390 million jackpot won in March 2007 has been surpassed by the $500 million jackpot won in September 2014. The amount of money you’ll win could easily double the average American salary.
Mega Millions cash option payout is lower than advertised jackpot
The jackpot prize for the Mega Millions game is over $1.025 billion, but the cash option payout is significantly less. This is due to the fact that the lottery commission automatically deducts 61 percent of the payout. However, if you choose this option, you can still spend the money on a lakefront home, a sports car, or a trip to the Maldives.
Most major jackpots offer cash value options, where winners can choose to receive their prize in a lump sum. However, the cash option payout is often much lower than the advertised jackpot amount. In most cases, the cash option payout is roughly half of the advertised jackpot amount. For instance, a $100 million advertised jackpot would have a cash value of $50 million. In most cases, lottery officials estimate the cash value based on the starting cash amount of the jackpot and the proceeds of tickets purchased.