This Is Exactly How Much You’d Get In NJ If You Win Powerball
Once again today, lottery officials have pushed the ever growing Wednesday Powerball jackpot up. Now clocking in at a cool one and a half billion dollars, we all realize that winning the big one isn't going to put $1.5 billion in your pocket overnight. So, if you're a New Jersey resident, exactly how much can you expect to take home?
The first question that the jackpot winner would have to decide, is whether to take the lump sum or the 30-year annuity?
If you take the cash lump sum, you'll be getting a check for $930,000,000 - still nearly a billion dollars.
But wait! Not so fast!
The federal and state governments want their cut too. After D.C. and Trenton take their cut, you'll be taking home $669,600,000.
Ok, still nothing to sneeze at, but that jackpot got cut by over 50% awfully quickly, didn't it?
So what about the annuity?
There's definitely some comfort in knowing that you'll be getting a big, fat paycheck every year for the next 30 years, right? And you do end up with more money in the end.
Considerably more, in fact.
While the lump sum will net you nearly $700 million in the end, if you're a patient person and decide to stretch it out, you'll end up with over a billion dollars ($1,080,000,002, to be exact) by the time you get the last check of almost $67 million dollars, after federal and state taxes, in the year 2046.
So, what would you do? Take the immediate windfall or stretch it out over the next three decades?