What To Know About Saturday’s $625 Million Powerball Jackpot
Somebody's life is about to change in a big way.
It could possibly happen Saturday night or maybe next week, but someone is about to win more money than they know what to do with.
Saturday's Powerball jackpot is worth an estimated $625 million dollars - and that's a lot of dough. Think of it this way, if you made $50,000 a year, it would take you 12,500 years to make that much money. Think about all the time that has passed from Adam and Eve until now - twice. That's how long it would take you to earn that much money.
Of course, if you win and take the lump sum, the cash value is only $380,600,000. That's still a ton of cash. Using the same formula as before, it would take you over 7,000 years to earn that much money. You'd have to go back to more than 1,000 years before Adam and Eve, start working, and you would have just now made that much money.
But, wait, there are taxes. We can't forget taxes.
According to Turbo Tax, the tax rate on your winnings would be around 37%. Ouch!
But, before you shed too many tears, keep this in mind. If you are taking the lump sum, you're still gonna pocket about $240,000,000 after taxes. Let's go back to the formula - at $50,000 a year, it would take you about 4,800 years to make that much money. So even by taking the lump sum and paying the government a hefty amount, you're still going to come out smelling like a rose.
The odds of winning the jackpot are 1 in 292 million - not great odds, but I'm saying there's a chance.