Are Ya Feelin’ Lucky, Montana? Powerball @ $725 MILLION

The Powerball has continued to climb after the Monday night drawing for $625 Million failed to find a winner... and has now reached an eye-popping $725 MILLION.

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BIG BUCKS NO WHAMMYS

Remember the TV show Press Your Luck? It originally debuted in 1983 on CBS, running through 1986... and was brought back in 2019 on ABC. There was a short revival, known as "Whammy! The All-New Press Your Luck" in 2002... but that failed.

The game was simple. Answer questions, if you get them right, you get spins on the BIG BOARD. Once the questions round wrapped up, the studio would spin the contestants around to face the Big Board, and each contestant would take their turns spinning the board... and stopping it just right... to win prizes. But, if you hit a Whammy, all your winnings so far were lost to the wind.

Now, the game was more complicated than that as it went on... but you get the idea.

What's Whammy Have To Do With The Lottery?

Here's the thing. Say you, and only YOU, win this $725 Million Powerball jackpot... do you take the lump sum or the annuity? Let's break down the numbers, so you can make the best choice... and not hit a "Whammy".

Lump Sum - GIMME MY MONEY

If you are one who wants the money and wants it NOW, you can take the lump sum. However, be prepared... as Uncle Sam wants his cut.

According to the Powerball.net Taxes Calculator, if you take the lump sum, you'll see just $208,194,393 of that $725,000,000 jackpot. OUCH. But why?

Well, when you take that lump sum, you immediately lose 48% of it to a "reduction", plus 37% Federal Tax, and 6.9% State Tax.

But, if you don't want to wait around for your money, this could be the best option for you.

Annuity - I've Got Time

If you're the patient type, the annuity might be the right option for you! (I surely would take this route)

By taking the annuity, you are left with $406,725,000... nearly DOUBLE what you would get by taking the lump sum!

But... how do the payments work? Easy. The Powerball would begin to send you payments for the next 30 YEARS, increasing by 5% each year. So, your first payment would be just north of $6.1 Million (not too bad, if you ask me!)

What would you do?

You know I'd take the annuity payment, and live soundly for the next 30 years... but what would you choose? Let us know on App Chat or on Facebook... and don't forget your ticket! The next drawing is... tomorrow.