Viewing a single comment thread. View all comments

LuminoZero t1_jb5u32s wrote

Reply to comment by BizzyM in Boeing employee bought lottery ticket because it was at $747M, a nod to the aircraft. She won the jackpot. by ChickenXing

People do not understand money.

Lowest Powerball/Mega jackpot is 20 million. After taxes and everything that is a take home of about 8 million.

Put that in a safe but low return investment, like Federal Bonds, and you could probably manage 3% interest annually.

I don’t know about you, but I could live a VERY comfortable life on 240k a year.

89

mortryn t1_jb5zji8 wrote

That’s some terrible math 😂. At that amount the federal tax is at 24%, plus state tax (if the state charges tax). Someone winning a $20 million Jack pot alone is likely to walk away with $13 million on more depending on the state.

−31

elscallr t1_jb60mbh wrote

Payout for the bulk payment isn't the same as the jackpot. You wouldn't walk away with 20M, you'd get about half of it.

36

LuminoZero t1_jb65lre wrote

$20 million listed jackpot. 40% taken off for the lump sum brings us to 12 million. Approximately 1/3 from federal and state taxes brings you to 8 million.

Thanks for playing!

22

themeatbridge t1_jb7qfwd wrote

Yes, except it's not 40% taken off. $12 million is the actual winnings, and they will invest it for you and payout over 30 years at somewhere between 6 and 8 percent, depending on the current market. The advertised jackpot is a transparent lie.

−2

nospam310 t1_jb6440r wrote

you have to factor in the winnings are cut in half if you take a lump sum

8