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Topic Title: Powerball
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Created On: 11/06/2022 05:26 PM
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 11/06/2022 05:26 PM
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dingpatch

Posts: 18173
Joined Forum: 07/24/2003

Who's thinking that it could get to 2.0+ Bill by the end of ticket sales tomorrow night??

The current 1.9 has an estimated "Cash Value" of $929.1 million.

Without considering any taxes other than Fed/IRS, the total payout after approximate Fed tax is $585.333 million.

How much does the new Gulfstream G700 cost?

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 11/06/2022 05:51 PM
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johnnyboy

Posts: 22759
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Lease it. Rich people don't own their jets.

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"One of the reasons why propaganda tries to get you to hate government is because it's the one existing institution in which people can participate to some extent and constrain tyrannical unaccountable power." Noam Chomsky.

 11/07/2022 05:53 AM
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Cole

Posts: 60883
Joined Forum: 07/22/2003

Eff giving all that cash away, they are going to pay me over the long run. Not only do you lose half right off the bat, then the IRS takes their cut; a 70% loss.

I am good with $50 million a year free and clear.

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 11/07/2022 05:54 AM
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Cole

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Joined Forum: 07/22/2003

Originally posted by: johnnyboy

Lease it. Rich people don't own their jets.


They don't own the money that pays for the jets either, it's borrowed.



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I was right.
 11/07/2022 09:44 AM
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StirfryMcflurry

Posts: 6925
Joined Forum: 08/17/2016

Originally posted by: Cole
Originally posted by: johnnyboy Lease it. Rich people don't own their jets.
They don't own the money that pays for the jets either, it's borrowed.
cute. y'all argue just like over in NSR
 11/07/2022 11:07 AM
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dingpatch

Posts: 18173
Joined Forum: 07/24/2003

This makes our "argument" more interesting, , , ,

Justyn Melrose
Mon, November 7, 2022 at 12:45 PM

GREENSBORO, N.C. (WGHP) - As the Powerball jackpot smashes another record and soars to an estimated $1.9 billion, you may be wondering what a win like that would actually look like.

When you win the lottery jackpot, you're given a choice between a lump-sum payment or an annuity paid out over nearly three decades. Most lottery winners opt for a lump-sum prize. No one has chosen the annuity option since 2014, according to Axios.

Can you buy Powerball tickets online? It depends on where you live

According to the North Carolina Education Lottery, a winner that chooses the lump-sum payout for this jackpot would end up getting $929.1 million before taxes. The annuity, on the other hand, would pay out the full $1.9 billion over 29 years.

How is the payout size calculated?

To understand the discrepancy between the lump sum and the annuity, it's worth knowing what exactly goes into that estimated jackpot.

The amount of the "advertised Grand Prize estimate" isn't as simple as taking a percentage of total sales. The Multi-State Lottery Association says it involves "many factors." The biggest two are sales and what they refer to as "the annuity factor."

"The annuity factor is made up of interest rates for securities purchased to fund prize payments," the Powerball website says. "The higher the interest rates, the higher the advertised Grand Prize. You might not realize that an economic reality like interest rates impact even the Powerball jackpot, but they do!"

Annuity

The annuity allows you to collect your winnings in 30 payments over 29 years, but those payments are not divided into 30 even chunks. Each payment is supposed to be 5% larger than the last.

Assuming that the jackpot total is exactly $1.9 billion, your first payment would likely be in the ballpark of $28.6 million. Your second, with another 5% tacked on, would be about $30 million. By that math, your 30th and final payment would end up at around $117.7 million.

And if you're worried about what will happen to your annuity if you die before the 29 years are up, there's good news. According to Powerball, if a jackpot winner dies before receiving all annual installments, "the balance of the prize will be paid to the winner's estate. Upon receipt of a court order, annual prize payments will continue to be paid to the winner's heirs. Other provisions may also apply depending on the laws of the lottery paying the prize."

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Edited: 11/07/2022 at 11:08 AM by dingpatch
 11/07/2022 03:39 PM
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Cole

Posts: 60883
Joined Forum: 07/22/2003

your first payment would likely be in the ballpark of $28.6 million

In in. Sign me up!

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 11/08/2022 10:52 AM
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RustyTruck

Posts: 30385
Joined Forum: 08/02/2004

Winning ticket sold in California.

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Titanic - the worlds biggest single use submarine
 11/11/2022 07:07 AM
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Cole

Posts: 60883
Joined Forum: 07/22/2003

Hopefully to an investment banker.

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I was right.
FORUMS : NPNR : Powerball

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