what is the current powerball jackpot amount

'Opting for the annuity, in contrast, provides a structured and steady income, reducing the risk of mismanagement and providing a stable financial future over a longer period.'

'The potential for mismanagement, poor investment decisions or falling victim to scams is real - and can be financially devastating,' adds Jeff Rose, a CFP and founder of financial advice blog. With compound interest, a 'middle-of-the road portfolio should double in around 10 years,' says Dennis Hunt, a certified financial planner in Florida.īut that strategy can be a 'mistake,' since returns on investments aren't guaranteed, says George Gagliardi, a CFP in Massachusetts. Most winners still choose the lump sum option because the winnings can be invested right away. For a $1.4 billion jackpot, you'd take home $386.82 million after federal taxes.

In contrast, winners who choose the lump sum take home slightly less than half the listed jackpot amount. Most states charge additional taxes on lottery winnings - eight states don't. After federal taxes, a $1.4 billion jackpot would give you roughly $29.44 million per year, according to. When you choose the 30-year annuity payout, you win the full listed jackpot amount.

What is the current powerball jackpot amount