Let’s say I win the Powerball tomorrow, currently valued at 163 million bucks. How much would I get per year for thirty years?
I believe it’s a level payout, 163/30.
If you take the long term payout it’s just the amount divided by the number of years. If you take the lump sum I recall it’s about 40% of the total.
It’s not that simple. From the Wikipedia article, “Jackpot winners have the option of receiving their prize in cash (in two installments; one from the winning jurisdiction, then the combined funds from the other members) or as a graduated annuity paid in 30 yearly installments. Each annuity payment is 5% higher than in the previous year to adjust for inflation.”
They will also take out taxes, so you need to withdraw the maximum federal rate from your winnings.
If you just take the lump sum after taxes, you’ll be able to spend a million dollars a year for the rest of your life.
The above assumes that you were at least sixteen when you joined the Dope, and that you don’t expect to live to 100.
AIUI, the amount of money in the jackpot at the time of the drawing IF IT WAS INVESTED IN CURRENTLY AVAILABLE BONDS, would grow to the published amount of the jackpot in thirty years, and that the current low yield of the bond market means that the lump sum (pre-tax) is closer to 63%.
And a 40% tax bite further reduces that toward 38%.
Anyway, I already called dibs on the jackpot, so the OP can just get in line…