Powerball jackpot soars to $700M - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Powerball jackpot soars to $700M

Here's your big chance. It's a 1-in-300 million shot, but somebody's got to win, right? (Source: CNN) Here's your big chance. It's a 1-in-300 million shot, but somebody's got to win, right? (Source: CNN)

(RNN) - There was no winner last Saturday, so the Powerball jackpot is now at $700 million, the second-highest in history. The next drawing is Wednesday, Aug. 23.

This massive prize is still less than half the all-time biggest jackpot, the incredible $1.6 billion Powerball that was split among three winners in January 2016. 

Here's a little financial planning help in case you beat the 1-in-292,201,338 odds: If you take the lump sum payment of $443.3 million, after the up-front federal tax hit you'd walk away with between $300 million and $332 million depending on local taxes, according to lottery site USAMega.com.

If you take the annuity, which gives you 30 payments over 29 years, your take-home pay would be somewhere between about $15.5 million and $16.4 million a year, give or take a few hundred grand, depending which state you live in.

What would you do with that kind of money? About 86 percent of respondents to a CNBC poll said they would invest or save it; 33 percent said they'd donate to charity; 28 percent would go on a trip; 26 percent would buy a new home; 8 percent would buy a car.

We'd settle for a truck that doesn't burn oil.

Copyright 2017 Raycom News Network. All rights reserved.

Powered by Frankly

1100 Banyan Blvd.
West Palm Beach, FL 33401

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2017 Raycom Media. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.