The Powerball jackpot rises to $1.6 billion. What a financial adviser says to do if you win – NBC Chicago
After draws upon draws without a grand prize winner, the Powerball jackpot has reached an all-time high. At $1.6 billion, this Saturday’s jackpot is the biggest lottery.
The estimated jackpot, which could actually increase even more depending on sales, exceeds the previous world record of $1.586 billion set by Powerball in 2016.
The odds of winning it all are pretty slim at just 1 in 292 million. But anyone who buys a Powerball ticket will have even a small chance.
So what should you do if you hold the winning ticket? First, you have to sign it, according to a financial adviser.
“You’ll probably want to make a copy of this,” said wealth management advisor Andrea Williams. “The second thing is you want to stay as anonymous as possible for as long as possible. You never know what can happen if people find out you’re the winner.”
Advisors also say that if you win, you should hire a lawyer, an accountant and a financial planner.
Jackpot winners can choose to receive their prize in the form of an annuity, paid in 30 installments over 29 years, or a lump sum payment, which in this case would amount to $782.4 million, according to officials. Powerball.
While the odds of hitting the jackpot at home aren’t great, people have walked away with smaller prizes. In the last draw, three people in Illinois won $100,000. At least six others managed to win $50,000 each.
If you’re planning on getting a ticket but haven’t yet, just be aware that ticket sales usually stop an hour or two before the draw.
The Saturday night draw is at 9:59 p.m. CST.