Powerball Jackpot Soars To $435 Million

UPDATE: No one hit the jackpot so it climbs to $435 million for Saturday night's drawing.

The Powerball jackpot for Wednesday's drawing reached $375 million. The winning numbers were: 5, 21, 57, 66, 69 and Powerball 13.

The Powerball jackpot is won by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

In February, a second-prize winning Powerball ticket worth $1 million was sold at a Long Island 7-Eleven.

Claiming, Safeguarding Winnings

So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total. Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply.

Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.