There is still no winner of the now estimated $1.2 billion Powerball jackpot, but Wednesday night could be your lucky night. Your luck will have to be plenty. According to Powerball.com, your chances of winning are the same as always. Despite how many lottery tickets are sold, you will always have a 1 in 24.9 chance of winning. Regardless of your chances, many people are sharing photos of their numerous tickets and what they will do if they win.
If you are a lucky winner, financial advisers weigh in on whether you should take the lump sum or opt in to an annuity. If you select the annuity option, you are guaranteed to receive 30 graduated payments over 29 years. The payments increase by 5% each time until the total amount is reached. The lump sum option means you will only receive $596.7 million. The rest is used to pay your taxes on the historic win.
Financial advisers spoke with the Associated Press. They say while it sounds like the best idea, taking the lump sum of cash might be a mistake. One expert believes taking the annuity reduces the risk of making poor investment decisions. The Pennsylvania financial planner says people only focus on the potential for gain, but there is also a potential for loss. On the flip side, a Wisconsin financial adviser says there is no wrong choice.
Whatever option you choose, Powerball officials advise you to consult a financial adviser and make sure your winning ticket is securely locked away before showing up at a lottery office.
This is the fourth-largest Powerball jackpot in U.S. history. The jackpot could become the largest if there is no winner after Wednesday night.
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