Home Career 4 Key Considerations If You Win the $1.1 Billion Mega Millions Jackpot

4 Key Considerations If You Win the $1.1 Billion Mega Millions Jackpot

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1. Breathe

Instead of impulsively rushing to lottery headquarters to claim your prize, take a deep breath. You have some time to claim your prize – anywhere from three months to a year, depending on where you bought your ticket.

“Pause before making big decisions,” Irwin said. “It’s a period of calm before the chaos.”

2. Protect your ticket — and your privacy

Experts generally recommend signing the back of the ticket, taking a photo of yourself with the valuable piece of paper, and then keeping it safely in your bank’s box or safe.

However, the first thing you should do is make sure you know the winning rules in the state where the ticket was purchased.

If you purchased it in a state that requires the winner’s name to be publicly disclosed, you can claim the prize on behalf of a trust or other entity, thereby keeping your name out of the public eye.

Also, share information about your windfall with as few people as possible, Irwin said. News has a way of traveling, and long-lost friends or family members – or scammers – could end up on your doorstep.

“Privacy is key,” Irwin said. “This keeps both you and your family safe from scammers or others who might start preying on you.”

3. Get professional help

You have some pretty big financial decisions ahead of you, so you should hire a team of professionals. This team should include an experienced attorney, financial advisor, tax advisor, and insurance adjuster.

To begin, you’ll need to decide whether to accept your prize as a reduced lump sum or as an annuity of 30 payments over 29 years. Either way, the IRS will take a cut before the money reaches you.

The available option — which most winners choose — for this $1.1 billion jackpot is $648.2 million. A mandatory federal tax of 24%. by this amount will reduce this amount by approximately $155.6 million.

However, since the upper limit rate is 37%, then the winner should expect much more at tax time. In addition, state taxes are usually withheld or owed depending on where you live and where the ticket was purchased.

4. Think about what lies ahead

If you’ve been spending your days working at a​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​off​​​​​​​​​​​​​​​​​​​​​​​​​​​​end-On​​​​off​​​​​​​​​​​​​​​​​​a Days Days, days have have you spent your days working, and you are planning to quit, you are thinking about the long-term consequences.

“If you’ve worked before, there’s going to be a change in your day-to-day life,” Irwin said. “Think about how you’re going to spend your days and how you can make sure you still have a purpose in your life.”

Meanwhile, the Powerball jackpot in Saturday night’s drawing is $170 million. Your chance of winning the top prize in this game is approximately 1 in 292 million.

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