NH Powerball Winner Could Pocket $256 Million Lump Sum

CONCORD, NH — New Hampshire Lottery officials are waiting for the winner of Saturday’s $487 million Powerball jackpot to come forward, according to a press statement. However, in the meantime, officials also offer some tips if you ever win the lottery. First, some facts about the Powerball ticket that was sold at Hannaford Supermarket on Freetown Road in Raymond last week.

First, this win marks the 10th winning Powerball ticket sold in New Hampshire but the first in nine years, according to officials. The winner has two options: a lump-sum cash option of around $341.7 million or an annuity payment across 30 years.

Twenty-five percent will be withheld for Uncle Sam if the winner takes the cash option which means they will walk away with a check for around $256.3 million. The annuity payment process starts off with an estimated $7.3 million payment the first year and the 29th payment would be an estimated $30.2 million, both before taxes.

“While the winner’s initial inclination might be to buy a tropical island and matching his and her Gulfstream jets to get there, we would encourage them to take a moment and follow these seven steps as they prepare for this life-changing moment,” said Charlie McIntyre, executive director of the New Hampshire Lottery Commission.

1. Sign the ticket—the New Hampshire Lottery only pays the person who signs the back of the ticket.
2. Move to New Hampshire. “All kidding aside, if the winner is from out of state, they should seriously consider moving here. With the state’s gambling tax repealed four years ago, New Hampshire Lottery winners avoid all state taxes, which, on a prize as large as $487 million, could save the winner more than $20 million compared to what they would pay in neighboring states, where a 5% tax is assessed to lottery prize winnings. Take some time to find a residence in the Granite State before claiming the ticket,” McIntyre said.
3. Talk to a lawyer—an attorney can provide strategic guidance.
4. Meet with a financial professional—someone experienced working with large sums of money.
5. Know who your friends and family are now. “Everybody you ever knew from the third grade on is going to be calling you,” McIntyre said. “Make sure you know who the people are who are important to you before you claim that prize.”
6. Take some time to let it sink in before claiming. “Plan first before you come in,” McIntyre said. “We can wait a whole year, not that we want to. Take some time to fully grasp the situation, and try to think about what you want to do with the money.”
7. In the near-term, try to go about your daily activities as best you can. “It is difficult to keep a secret like this, but we suggest trying to keep things as low-key as possible as you figure out what to do with the money,” McIntyre said.

McIntyre added a final piece of advice in a press statement: “Winning a $487 million jackpot is an incredible opportunity. Your win is like planting an apple tree. Live off the fruit of the tree only so that the tree will continue to produce for you and for your family for years and years to come.”