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Economist Jeffery Degner shares the first steps lottery winners should take to protect their privacy, manage their winnings and avoid costly mistakes.<\/p>\n
The Powerball jackpot has ballooned to an estimated $786 million, putting one of the game\u2019s biggest prizes ever up for grabs Wednesday night.<\/p>\n
The jackpot now ranks as the ninth-largest in Powerball history. The winner who takes the cash option would receive an estimated $341.6 million before taxes. The alternative is an annuity paid through 30 graduated payments over 29 years.\u00a0<\/p>\n
“The last time we saw a Powerball jackpot of this size was on Christmas Eve, with a $1.817 billion prize on the line,” Stephen Durrell, the Powerball product group chair and Kansas Lottery executive director, said in a statement.\u00a0<\/p>\n
The jackpot has been growing since May 2, when tickets sold in Florida and Texas split a $20 million prize. There have now been 40 straight drawings without a jackpot winner.<\/p>\n
ARKANSAS WINNER CLAIMS $1.8B POWERBALL JACKPOT, CHOOSES CASH OPTION<\/p>\n
The jackpot now ranks as the ninth-largest in Powerball history. (Brandon Bell\/Getty Images)<\/p>\n
For the person holding the winning ticket, the first move should be protecting privacy, according to Jeffery Degner, a research fellow in economics and economic freedom at the American Institute for Economic Research.<\/p>\n
“If you live in a state that allows you to remain anonymous, remain anonymous,” Degner told FOX Business. “Keep your mouth shut.”<\/p>\n
Degner warned that making a massive windfall public can quickly attract long-lost friends, relatives and strangers looking for money.<\/p>\n
“When askers do eventually come, you should develop the habit of saying \u2018no\u2019 early and often,” he said.<\/p>\n
The winner should also consider quickly hiring a tax attorney and certified public accountant because taxes can take a big bite out of the prize, according to Degner.\u00a0<\/p>\n
“Don’t be surprised by the taxes because the lottery is going to withhold about 24% on the initial payment,” he said, noting that more could be due when taxes are filed.<\/p>\n
GEORGIA RESIDENT IDENTIFIED AS WINNER OF $983M MEGA MILLIONS JACKPOT, LARGEST EVER IN STATE<\/p>\n
Customers line up to purchase lottery tickets at Bluebird Liquor in Hawthorne, Calif., Dec. 1, 2025. (Juliana Yamada\/Los Angeles Times via Getty Images)<\/p>\n
Choosing between the lump sum and annuity is less clear-cut.\u00a0<\/p>\n
Powerball\u2019s annuity includes one immediate payment followed by 29 annual payments that rise by 5% each year. Degner said those increases could help protect against inflation.<\/p>\n
Meanwhile, the lump sum gives the winner immediate access to the money and the ability to invest it.<\/p>\n
“When it’s all said and done, they actually are fairly close in the total return,” he said.<\/p>\n
Degner urged winners to avoid major purchases and financial commitments during the first few months and warned against “lifestyle creep.”<\/p>\n
Paying off high-interest debt should also be a priority. However, winners should be cautious about paying off debts for friends or relatives, Degner said.<\/p>\n
$1.8B POWERBALL JACKPOT WON ON CHRISTMAS EVE IN ARKANSAS<\/p>\n
Jeffery Degner told FOX Business a Powerball winner\u2019s first priority should be protecting privacy. (FOX Business)<\/p>\n
Powerball tickets cost $2 and are sold in 45 states; Washington, D.C.; Puerto Rico; the U.S. Virgin Islands; and the United Kingdom.<\/p>\n
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The odds of winning any Powerball prize are 1 in 24.9. The odds of hitting the jackpot are 1 in 292.2 million.<\/p>\n
For the eventual winner, Degner said the focus should be on preserving the money.<\/p>\n
“It\u2019s tax strategy first, lifestyle later,” he said.<\/p>\n
#Powerball #jackpot #reaches #786M #win<\/p>\n","protected":false},"excerpt":{"rendered":"
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