Powerball Jackpot Inches Closer to $1 Billion

The Powerball jackpot for Saturday’s drawing is now up to $800 million, a $100 million increase in just 24 hours, as the record largest lottery payout in U.S. history continues to grow.

The cash payout alone is an estimated $496 million. The jackpot has a chance to reach $1 billion before the drawing, The Washington Post reported.

Saturday’s Powerball drawing time is scheduled for 10:59 p.m. ET. Want to know where you can buy a ticket? Search for a New York Lottery retailer here.

SEE ALSO:

• Powerball Jackpot: Everything You Need To Know To Claim Your $800M
• Playing The Powerball With Co-Workers, Friends: What To Know

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, including New York, Von Tobel says, you have a whole year to claim the prize.

“If you let your name be released to the public record, a swarm of people will almost immediately descend on you, legitimate and not, trying to make a grab for your business,” she said.

“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.”

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.”