Powerball Drawing Saturday December 31, 2016: What would $70 Million Buy?

It's the last day of 2016 and a New Year's Eve Powerball win for Saturday, Dec. 31, 2016's Powerball drawing has an estimated jackpot of $70 million.

What would that buy you in 2017? How about an ocean-front home in Laguna Beach?

This Powerball jackpot is still a fraction compared to the record-setting $1.6 billion prize paid in January, 2016.

What are the odds of winning Powerball?

You have a better chance of hitting the jackpot if you let the computer pick your numbers. The Multi-State Lottery Association, which operates the Powerball game, says about 75 percent of winning tickets are selected when the numbers are chosen by a computer.

When are the Powerball Drawings?

Drawings are every Wednesday and Saturday. Powerball is played in California, 43 other states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

How do you play Powerball?

Players pick five numbers from one to 69 and a sixth, red Powerball number, one through 26. Many people choose a Quick Pick ticket for random numbers. There are different levels of payouts, but to win the jackpot, tickets must match all five numbers plus the Powerball.

How do I claim my Powerball prize?

When you claim your prize, you may collect the full value paid in 30 installments over 29 years or a one-time lump sum that is smaller than the actual total.

Winning tickets must be redeemed in the state where purchased regardless of where the winner lives.

What are the taxes on Lottery winnings?

The federal tax on lottery winnings is 25 percent.

Patch File Photo, Renee Schiavone