You’ll start deciding between a Lamborghini and a Ferrari and whether you should book a villa in the Maldives or Seychelles instead. However, there’s another important decision that needs to be made the moment you win this lotto. Powerball payout options- annuity or lump sum payout, what to do?

Related Article : How to play the US Powerball

With an annuity payout option, winnings are paid out over the course of 30 years. When lotto winners pick this option, they’ll receive a payout almost immediately and then, they’ll receive annual payments for the next 29 years. When all these payments are added up, it will total the full advertised jackpot that they initially won.

As a Powerball lottery winner, you’ll have the world at your feet and a bank balance that could give you the life you only dreamed about but lottery winners are not immune to yearly inflation. So, each year your annual payments will increase by 5% and various online annuity calculators can help you easily work out just how much you’ll receive.

A Powerball win means you can effortlessly secure future payments for the next 30 years.

Massive Powerball payouts = massive income, state and federal taxes. With a lottery annuity, you’ll receive smaller payouts and therefore pay less tax over the 30 years. The following table represents a Powerball payout chart:

A lump sum is a cash option that allows Powerball winners to cash out their prize in one net payment. Advertised jackpots are paid out once and only taxed once. This means that winners will have access to all their winnings and can decide exactly how, when and where they would like to spend it.

This payout option is ideal for you if:

1. You would like to invest your money to watch it grow at a great interest rate.
2. You’ve already mapped out exactly how you’d like to spend your money and you want to make the most of it while you can.
3. You’d like to pay taxes upfront and not worry about it again.

Now that you know more about the different ways Powerball payout options work, are you already in it to win it?

You will need to correctly guess the 5 lucky numbers and the Power ball in order to claim the jackpot.

Draws happen thrice a week every Monday, Wednesday and Saturday and we recommend that you enter well in advance to avoid rushing or missing any cut-off times.

The nine main options for the Powerball in every draw depend on the numbers that the winner matches. You can win a small payout by matching just the Powerball, while jackpots are awarded by matching five numbers and then also the Powerball. The minimum jackpot award is $20 million and increases every time it is not won. If more than one person wins the main jackpot, it will be shared between them equally. Visit the Powerball play page for more information on winnings and prizes, if you don’t find an answer there, go to the Powerball Resource Centre for a more in depth look at this game.

The numbers for this world-renowned lotto range from 1 to 69 so you’re really spoilt for choice. Players often opt to use birthdays as their lucky picks but calendars are limited to the number 31. To really give yourself the best chances of winning, use a diverse set of numbers instead of only using birth dates when playing.

One entry = one chance. In order to increase your odds of winning you will need to:

1. Purchase multiple entries into the same draw
2. Use different numbers each time you enter

Lotto247 Tip: if you’re already a Lotto247 player, remember to mark all our emails as ‘safe’ so that you receive all our offers which will make playing and winning a Powerball jackpot so much easier!

Already entered Powerball and looking for another way to change your life? Then Mega Millions is waiting just for you.