What to Do If You Win the Powerball Jackpot?

Steps to Take Before You Claim Your Powerball Prize

• Maintain Silence

First and foremost, do not create a buzz about winning the jackpot or else you could lose it even before the money comes to you. Contact the relevant authorities only after the news of jackpot winner has settled down. With Lottoland, the opposite happens, they will call to congratulate you. Let them know you wish to remain anonymous.

• Do Not Put Your Future at Stake

Even if you want to resign your job and retire, hold on to it for the moment. Do not rush through and make the decision until you have an idea of the exact amount you are likely to get in hand. Plan your future thoroughly before letting go of your present source of financial income and security.

• Get Professional Help

With so much money in hand, impulsive decisions are expected without consideration for the future. So, the first step is always to consult a tax lawyer and financial expert to help you. They will charge a fee, but the amount will be worth the return on investment your big win will keep bringing in for the long run.

Mode of Payment

Powerball winners are given the following two choices to collect their winning amount: 

• Annual Long-Term Payment

If you win the Powerball jackpot, you can choose to get the full amount in instalments over a period of 20 years. The reward assures a steady income over a period of 30 years, ensuring you have enough to maintain a lifestyle. Also, your winnings are safe from impulsive expenditures and investments. On the flipside, the pay-out does not increase with inflation, while your expenses do, but, since the amount is high, with a little tweaking you can continue to live life the way you want.

• Lump Sum

You can choose to take the entire amount in one go. For physical lotteries, a cheque is made to you for the amount. On the other hand, Lottoland transfers the amount to your account, after deducting the applicable taxes of its host country. You need not worry about any policy changes in the coming years. If you don’t invest it rightly, you could go penniless and that too without a steady source of income.

In both cases, you are required to pay taxes and only a tax lawyer can guide you on the requisite protocols you are expected to follow. But, since the jackpot amount is huge, even after your taxes and deductions, you will take home hundreds of crores.

Using the Money

Invest your money wisely. Use it to clear your debts and save up for your future. Make sure you have enough to educate your kids and if the kids are grown up, to help them remain comfortable.

While you do all the saving up for yourself, do keep the less fortunate in mind and donate a part of your money to a charitable foundation. This will not only get you blessings, but it will also help you save on taxes.

To be the Powerball jackpot winner, you need to start playing, so don’t wait. Log in with your Lottoland account and choose the numbers for your ticket.