It took nearly three months — but only one day in the 2024 calendar year — to get our latest Powerball winner. It has been confirmed a winning ticket worth $842.2 million was sold in Michigan. It’s the 10th-largest U.S. lottery jackpot ever won. In 2023, there were five Powerball winners, including two tickets worth over a billion dollars.
Here are rolling out‘s three suggestions for the latest winner.
Don’t accept lump sum cash payout
The annuity option is an annual payout of the prize money over 30 years, with the sum payout rising by 5% each year. This option would give the winner approximately $28,080,000 this year, with the amount rising each year as the value of the U.S. dollar fluctuates. The immediate cash value of the prize would be $425.2 million.
Hire a reputable financial adviser to make sure the taxes are paid
Be sure to understand how much you should pay in state and federal tax each year to avoid trouble with the IRS.
Invest
The money will eventually run out if you upgrade your lifestyle significantly and don’t have at least a portion of the winnings going toward making more money, whether you put the funds in real estate, bonds or Roth IRAs.
Provide clean water for less fortunate communities
This year marks a decade since the clean water crisis started in Flint, Michigan. As of April 2023, Mari Copeny, also known as “Little Miss Flint,” went on ABC News and said the community still doesn’t have clean water, which has led to residents getting rashes and becoming sick.
