The Powerball jackpot has reached the $1 billion mark, an astounding total and the third-largest in the game's history. And while winners will still be fabulously wealthy, they'll take home a fraction of the 10-figure total.
A winner who opts to take the lump-sum payment will receive an estimated $516.8 million pre-tax; the annuity, which divides the pot into 30 years of annual payments, is worth $1 billion. Those who choose the annuity will immediately receive a payment, which will increase by 5% each year for the next 29 years. USA Mega, which analyzes lottery jackpots, reports the average annuity payment will be $33.3 million pre-tax.
