{"id":27063,"date":"2026-08-04T08:25:32","date_gmt":"2026-08-04T03:25:32","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27063"},"modified":"2026-08-04T08:25:32","modified_gmt":"2026-08-04T03:25:32","slug":"powerball-reaches-748m-what-financial-advisors-say-winners-should-do","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=27063","title":{"rendered":"Powerball reaches $748M. What financial advisors say winners should do"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<p>Aug. 3, 2026, 5:20 p.m. ET<\/p>\n<div>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__bv\"\/>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__bvd gnt_x__h\"\/>\n<aside class=\"gnt_em gnt_em__fp gnt_em_vp__tp gnt_em__el\" aria-label=\"Video - Powerball goes international. This historic deal is expected to make jackpots bigger.\"\/>\n<p class=\"gnt_ar_b_p\">Millions of dollars, <a href=\"http:\/\/www.usatoday.com\/story\/money\/lottery\/2026\/08\/02\/powerball-jackpot-748-million-august-3-2026\/91140565007\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">$748 million to be exact,<\/a> are on the line tonight.<\/p>\n<p class=\"gnt_ar_b_p\">As lottery players await the Monday, Aug. 3 drawing and the chance that their $2 ticket could be worth nearly three-quarters of a billion dollars, <a href=\"http:\/\/www.usatoday.com\/story\/money\/2025\/09\/03\/powerball-jackpot-billion-drawing-winner\/85952893007\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">financial planning for a potential jackpot win<\/a> should be on their mind, especially if they&#8217;re feeling lucky.<\/p>\n<p class=\"gnt_ar_b_p\">With the prize pot\u00a0nearing the top 10 largest jackpots in the game&#8217;s history, having a game plan in place is not only smart, but it&#8217;s also necessary. Claiming that much money, according to financial experts, will likely draw taxes, grifters, friends and family members.<\/p>\n<figure class=\"gnt_em gnt_em_img\"><img class=\"gnt_em_img_i\" style=\"height:440px\" fetchpriority=\"high\" data-g-r=\"lazy\" src=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/08\/03\/USAT\/91155409007-20251217-t-210140-z-52548940-rc-2-iiiattods-rtrmadp-3-usapowerball.JPG?width=660&amp;height=440&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" srcset=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/08\/03\/USAT\/91155409007-20251217-t-210140-z-52548940-rc-2-iiiattods-rtrmadp-3-usapowerball.JPG?width=1320&amp;height=880&amp;fit=crop&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"A lottery player is seen clutching Powerball tickets ahead of the Dec. 17, 2025, drawing.\"\/><\/figure>\n<p class=\"gnt_ar_b_p\">Therefore, the first and most important piece of financial advice is: &#8220;Don\u2019t shout your win from the rooftop,&#8221; Rob Burnette, financial and investment advisor at\u00a0Outlook Financial Center\u00a0in Troy, Ohio,\u00a0<a href=\"http:\/\/www.usatoday.com\/story\/money\/2025\/09\/03\/powerball-jackpot-billion-drawing-winner\/85952893007\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">previously told USA TODAY<\/a>.<\/p>\n<p class=\"gnt_ar_b_p\">&#8220;If you\u2019re lucky enough to win the lottery, keep it quiet. Get organized and make a plan. Consider\u00a0<a href=\"http:\/\/www.usatoday.com\/story\/money\/lottery\/2025\/09\/05\/powerball-jackpot-winners-anonymous-states\/85973571007\/\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">staying anonymous, if it\u2019s a possibility<\/a>,&#8221; Burnette added.<\/p>\n<aside class=\"gnt_ar_b_sp\">USA TODAY Shopping: <a target=\"_blank\" rel=\"noopener\" data-t-l=\":body nav (prime)|e|auto spike click:6|\u2691u\" class=\"gnt_ar_b_sp_a\" href=\"https:\/\/www.usatoday.com\/shopping\/\">Shop sales in tech, home, fashion, beauty &amp; more curated by our editors.<\/a><\/aside>\n<p class=\"gnt_ar_b_p\">Here&#8217;s what financial advisors suggest players do if they hit the $748 million jackpot.<\/p>\n<p><a class=\"gnt_em gnt_em_gl gnt_em__el\" href=\"http:\/\/www.usatoday.com\/picture-gallery\/news\/nation\/2026\/01\/02\/mega-millions-powerball-lottery-numbers-winners-jackpot\/87997528007\/\" data-t-l=\"\u2691g:l|l|c|view gallery:inline promo\" aria-label=\"View Gallery - See Powerball and Mega Millions winners who hit the jackpot\" target=\"_blank\"><img loading=\"lazy\" class=\"gnt_em_gl_i\" data-g-r=\"lazy\" src=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/01\/02\/USAT\/87998176007-lottery-winners-15.jpg?crop=3605,2028,x158,y448&amp;width=660&amp;height=372&amp;format=pjpg&amp;auto=webp\" srcset=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/01\/02\/USAT\/87998176007-lottery-winners-15.jpg?crop=3605,https:\/\/www.usatoday.com\/2028,https:\/\/www.usatoday.com\/x158,https:\/\/www.usatoday.com\/y448&amp;width=1320&amp;height=744&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"\" width=\"660\" height=\"372\"\/><svg class=\"gnt_em_gl_i_svg\"><use xlink:href=\"#gnt_svg_camera\"\/><\/svg><\/a><\/p>\n<aside class=\"gnt_ar_b_sp\">Feeling lucky? <a href=\"http:\/\/www.usatoday.com\/story\/money\/lottery\/2026\/08\/03\/powerball-jackpot-how-to-play-buy-ticket\/91149149007\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|spike click:9|\u2691u\" class=\"gnt_ar_b_sp_a\">Here&#8217;s what to know about Powerball<\/a><\/aside>\n<h2 class=\"gnt_ar_b_h2\">How much is the jackpot, and what are my odds\u00a0of winning?<\/h2>\n<p class=\"gnt_ar_b_p\">A Powerball jackpot of $748 million is up for grabs ahead of tonight&#8217;s drawing. It has a cash value of $325.1 million and is the largest Powerball jackpot since a $1.817 billion prize was won in Arkansas on Christmas Eve.<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">While the odds of getting struck by lightning are considerably higher than the odds of hitting all of the winning numbers and taking home the jackpot, there&#8217;s no harm in trying. You could be the one in 292.2 million to take the prize home.<\/p>\n<p class=\"gnt_ar_b_p\">The jackpot was last won in May by two players, one in Florida and one in Texas, who split the $20 million prize, according to <a href=\"https:\/\/www.powerball.com\/powerball-jackpot-climbs-toward-historic-territory\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|z|k|\u2691u\" class=\"gnt_ar_b_a\">Powerball<\/a>.<\/p>\n<aside class=\"gnt_em gnt_em_cp gnt_em_cp__sp\" aria-label=\"Latest trending and breaking news\" data-c-cta=\"TOP HEADLINES\">\n<div class=\"gnt_em_cp_cw\"><img class=\"gnt_em_cp_cw_i\" data-g-r=\"lazy\" src=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/07\/30\/USAT\/91104146007-short-pets.jpg?crop=1285,964,x0,y0&amp;width=258&amp;height=193&amp;format=pjpg&amp;auto=webp\" srcset=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/07\/30\/USAT\/91104146007-short-pets.jpg?crop=1285,https:\/\/www.usatoday.com\/964,https:\/\/www.usatoday.com\/x0,https:\/\/www.usatoday.com\/y0&amp;width=516&amp;height=386&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"\"\/><\/div>\n<\/aside>\n<h2 class=\"gnt_ar_b_h2\">What to do if you&#8217;ve won the Powerball jackpot<\/h2>\n<p class=\"gnt_ar_b_p\">Lie low for a while and keep the ticket secure, maybe in a safe, until you claim the prize at your state&#8217;s lottery headquarters, according to financial advisors and experts.<\/p>\n<p class=\"gnt_ar_b_p\">&#8220;The winner is not a true legal winner until the ticket is presented to\u00a0lottery\u00a0officials,&#8221; said Andrew Stoltmann, an attorney who represented six lottery &#8220;losers&#8221; that\u00a0<a href=\"http:\/\/www.usatoday.com\/story\/news\/nation\/2023\/07\/19\/powerball-mega-millions-winners-instant-billionaire-regrets\/70430571007\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">lost their winnings<\/a>\u00a0due to various investment scams or poor management.\u00a0&#8220;If the ticket is lost or destroyed, the winner is, as a matter of law, out of luck.&#8221;<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">Steve Azoury, owner of\u00a0Azoury Financial\u00a0in Troy, Michigan, advised winning players to hire a tax attorney, a tax accountant and a financial advisor.<\/p>\n<p class=\"gnt_ar_b_p\">&#8220;They\u2019ll work hand in hand to\u00a0<a href=\"http:\/\/www.usatoday.com\/story\/money\/personalfinance\/2017\/12\/30\/what-do-if-you-win-lottery-2018\/992331001\/\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|e|k|\u2691u\" class=\"gnt_ar_b_a\">figure out (a) plan<\/a>,&#8221; Azoury added.<\/p>\n<p class=\"gnt_ar_b_p\">The plan will go over which payout options are available:<\/p>\n<aside class=\"gnt_em gnt_em_anc\" id=\"gnt_atomsnc\" data-g-r=\"lazy\" data-gl-method=\"loadAnc\" aria-label=\"Newsletter signup form\"\/>\n<ul class=\"gnt_ar_b_ul\">\n<li class=\"gnt_ar_b_ul_li\"><strong>Annuity:<\/strong>\u00a0One immediate payment followed by 29 annual payments, with each payment being 5% larger than the previous one.<\/li>\n<li class=\"gnt_ar_b_ul_li\"><strong>Lump sum:<\/strong>\u00a0A one-time payment equal to the total cash in the jackpot prize pool.<\/li>\n<\/ul>\n<p class=\"gnt_ar_b_p\">Whether you should take the one-time payment or go with the annuity option, depends on you, specifically your goals, your age, and what lottery rules are for beneficiaries to continue receiving payments.<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">The size of the lottery jackpot, as well as current and projected earnings, are also some things to consider as you think about and discuss payout options, said Mark Steber, chief tax officer at tax-preparation service Jackson Hewitt.<\/p>\n<p class=\"gnt_ar_b_p\">The plan should also include a &#8220;fall guy,&#8221; according to Azoury. \u201cThat\u2019s the person\u00a0or\u00a0advisor who\u00a0keeps you from giving loans to anybody, who tells people, &#8216;All the money\u2019s tied up in investments, not available. We have nothing available to help you out, and we\u2019re not interested in your project,'&#8221; he added.<\/p>\n<p class=\"gnt_ar_b_p\">Since the sum is too large to be covered by Federal Deposit Insurance Corporation (FDIC) insurance, winnings should be deposited in a brokerage account of a major broker-dealer, such as Merrill Lynch or Goldman Sachs, and initially invested in short-term U.S. Treasuries until more concrete investing decisions can be made, Stoltmann said.<\/p>\n<h2 class=\"gnt_ar_b_h2\">How much do you net? And how quickly can you get it?<\/h2>\n<p class=\"gnt_ar_b_p\">It depends. Complex state laws and how you decide to &#8220;take&#8221; your money will impact how much cash you&#8217;ll ultimately net, but you could see some activity in your bank account in a few weeks, Azoury said. Claim periods do vary by jurisdiction, he added.<\/p>\n<p class=\"gnt_ar_b_p\">Since you&#8217;ll likely be propelled into the highest federal tax bracket after your win, your state of residency and where you bought the\u00a0winning ticket can greatly impact\u00a0what you pay in state taxes.\u00a0<\/p>\n<figure class=\"gnt_em gnt_em_img\"><img class=\"gnt_em_img_i\" style=\"height:375px\" fetchpriority=\"high\" data-g-r=\"lazy\" src=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/08\/03\/USAT\/91155310007-20251208-t-235604-z-50673864-mt-1-usatoday-27774390-rtrmadp-3-apowerballticketcanmakeyouamillionaireovernight.JPG?width=660&amp;height=375&amp;fit=crop&amp;format=pjpg&amp;auto=webp\" srcset=\"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/08\/03\/USAT\/91155310007-20251208-t-235604-z-50673864-mt-1-usatoday-27774390-rtrmadp-3-apowerballticketcanmakeyouamillionaireovernight.JPG?width=1320&amp;height=750&amp;fit=crop&amp;format=pjpg&amp;auto=webp 2x\" decoding=\"async\" alt=\"A display of Powerball tickets are seen in this image.\"\/><\/figure>\n<p class=\"gnt_ar_b_p\">For example, if you\u2019re a California resident and purchase your ticket there, then you pay the 37% federal tax rate; however, you won&#8217;t have to pay a state tax because California doesn&#8217;t tax lottery\u00a0winnings,\u00a0Steber said. New York, on the other hand, has the highest tax rate on lottery winnings.<\/p>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">Now, in another example, if you&#8217;re a California resident on vacation in Rhode Island and you decide to buy a lottery ticket there and win, you&#8217;ll have to declare your winnings on your\u00a0federal and California tax returns and file a non-resident Rhode Island tax return.<\/p>\n<p class=\"gnt_ar_b_p\">While it&#8217;s unlikely that you&#8217;ll have to pay taxes\u00a0on the same income in two states, the inner workings of multi-state tax issues can be complicated, Steber said. You should, though, claim a tax credit for the Rhode Island taxes on your California return so you won&#8217;t be taxed twice.<\/p>\n<p class=\"gnt_ar_b_p\">&#8220;This is where a tax professional really comes in handy,&#8221; Steber added. &#8220;State taxes can be very tricky.&#8221;<\/p>\n<h2 class=\"gnt_ar_b_h2\">How to play the Powerball<\/h2>\n<p class=\"gnt_ar_b_p\">Playing the Powerball is simple:<\/p>\n<ul class=\"gnt_ar_b_ul\">\n<li class=\"gnt_ar_b_ul_li\"><a href=\"https:\/\/lottery.jackpocket.com\/en\/?pcid=421436&amp;pcn=Lottery_NUO_EditorialContent_InLine&amp;pcrid=xx&amp;pcrn=xx&amp;pscid=xx&amp;pscn=xx&amp;psn=2988&amp;referrer=singular_click_id%3db86a8461-c3d6-4660-80ba-2a1c107b526b&amp;sl_id=pj93&amp;wpcid=421436&amp;wpcn=Lottery_NUO_EditorialContent_InLine&amp;wpcrid=xx&amp;wpcrn=xx&amp;wpscid=xx&amp;wpscn=xx&amp;wpsrc=2988\" rel=\"noreferrer noopener\" target=\"_blank\" data-t-l=\":b|z|k|\u2691u\" class=\"gnt_ar_b_a\">Buy a $2 ticket,<\/a>\u00a0wherever tickets are sold.<\/li>\n<li class=\"gnt_ar_b_ul_li\">Think about which six numbers you&#8217;ll pick.<\/li>\n<li class=\"gnt_ar_b_ul_li\">Select five &#8220;white&#8221; numbers between 1 and 69, and one &#8220;red&#8221; number between 1 and 26 for the Powerball.<\/li>\n<\/ul>\n<aside aria-label=\"advertisement\" class=\"gnt_x__c gnt_x__lbl gnt_x__al\"\/>\n<p class=\"gnt_ar_b_p\">Players may also add &#8220;Power Play,&#8221; a feature that multiplies most non-jackpot prizes. The &#8220;Power Play&#8221; multiplier can multiply winnings by: 2X, 3X, 4X, 5X or 10X.<\/p>\n<p class=\"gnt_ar_b_p\">If you&#8217;re not feeling particularly lucky or want the computer to do the work for you, the &#8220;Quick Pick&#8221; option is available. All of the numbers selected with the &#8220;Quick Pick&#8221; option are computer-generated.<\/p>\n<p class=\"gnt_ar_b_p\">Players must match all five white balls in any order and the red Powerball to win the jackpot. Drawings are held every Monday, Wednesday, and Saturday nights at 10:59 p.m. ET. If no one wins the jackpot, the cash prize will continue to tick up.<\/p>\n<p class=\"gnt_ar_b_p\"><em>Contributing: Medora Lee, Rachel Barber, USA TODAY<\/em><\/p>\n<\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>Aug. 3, 2026, 5:20 p.m. ET Millions of dollars, $748 million to be exact, are on the line tonight. As lottery players await the Monday, Aug. 3 drawing and the chance that their $2 ticket could be worth nearly three-quarters of a billion dollars, financial planning for a potential jackpot win should be on their&#8230;<\/p>\n","protected":false},"author":1,"featured_media":27064,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.usatoday.com\/gcdn\/authoring\/authoring-images\/2026\/08\/03\/USAT\/91155310007-20251208-t-235604-z-50673864-mt-1-usatoday-27774390-rtrmadp-3-apowerballticketcanmakeyouamillionaireovernight.JPG?crop=3949,2221,x0,y18&width=3200&height=1800&format=pjpg&auto=webp","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-27063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-trending-viral-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27063"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/27063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/27064"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}