Powerball: Still Time to Buy Ticket for $800M Jackpot

By MARC TORRENCE and Deb Belt

The Powerball jackpot for Saturday’s drawing is now up to $800 million, with talk that the largest lottery payout in U.S. history could balloon by another $100 million before the drawing.

The cash payout alone was an estimated $496 million as of 5 p.m. Friday.

The previous record for the largest lotto jackpot was a Mega Millions prize of $656 million in 2012.

Saturday’s Powerball drawing time is scheduled for 10:59 p.m. Eastern time. Check for results at mdlottery.com or on the MD Lottery mobile app to see if you’ve won.

So what should you do if you win the lottery? Alexa Von Tobel, CEO of the online investment website LearnVest, offered a few tips to Patch from a financial planning standpoint.

Sign the ticket: The most important step ensures you claim the ticket as your own.

Maintain anonymity: In many states, Von Tobel says, you have a whole year to claim the prize.

Some past lottery winners have even felt the need for police escorts, have received threats and have been tempted to run away or leave their hometowns because of the sheer number of people who “want a piece of them,” she says.

Assemble a financial planning team: “You must decide whether including whether to take a lump sum or an annuity,” she said. “There are many pros and cons to weigh: including estate taxes, how much money you’ll ultimately make whether you’ll be able to handle it all at once, etc.”

Wait six months before making any major decisions: “It’s all too easy to blow through those millions,” Van Tobel said. “In fact, according to a 2015 study by the Camelot Group, 44 percent of winners spend their entire winnings within five years.”

Powerball tickets can be purchased at any lottery vendor, including 7-Eleven, Royal Farms, Giant, Safeway and Wegmans stores in Maryland.

Click here to search for Maryland Lottery retailers.

Find out how to play Powerball here.