Powerball Jackpot Keeps Climbing – Dearborn, MI Patch

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It’s almost getting redundant to say, but nobody won Wednesday’s Powerball jackpot. Saturday’s jackpot is now a whopper — $435 million. The cash payout is $273.1 million and, even after taxes, a sole winner would likely clear north of $140 million.

Powerball drawings are held every Wednesday and Saturday at 10:59 p.m. Eastern time. The record in the game was a $1.6 billion drawing in January 2016.

The winning Powerball numbers for Wednesday, June 7 are 5, 21, 57, 66, 69 and a Powerball of 13.

Each Powerball ticket costs $2. Find out where you can The Powerball game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

The lottery game is played in 44 states plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball draws can be seen on hundreds of TV stations nationwide. It may also be available on cable or your mobile device. The draws are also posted on YouTube and on our site.

The record in the game was a $1.6 billion drawing in January 2016, which was won by a group of Tennessee workers. And on Feb. 22, a lucky player in Indiana won the $435 Powerball jackpot, the 10th largest in the game’s history.

Claiming, Safeguarding Winnings
So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total.
Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply.

Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.

Photo by Justin Sullivan / Staff / Getty Images News / Getty Images

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