If I were Filthy Rich
By DrTriage+24 Recalculation of my Rule-of-Thumb.
In the past I've calculated it out and my rule of thumb was 'for every million in the jackpot, you get 0.4 million lump-sum and after taxes. Well, interest rates and what-nots have changed and the factor is more like 0.5. So, if the PowerBall jackpot is, say, $236 Million; you'd have $115 or so in the bank, to play with, to spend, to invest, to crazy with, or as way too many people do; be stupid with. And as the MegaMillion jackpot was won last drawing, it has reset to it's minimal of only $20 Million - I'll be OK with the $10 Million. You?
Recent responses
+14 @PirateKilt First off, you can eliminate your "rule of thumb", as some kind folks created and maintain a couple websites to give you the exact amounts you get, annuity or lump, after taxes, listed by each state (to cover the different tax schemes) [Mega-Millions](https://www.usamega.com/mega-millions/jackpot) [Powerball](https://www.usamega.com/powerball/jackpot) So, we see that in a lump sum, no state tax situation like Texas, the "reset" amount coming to you is "only" $8.5M, and the folks in NY getting $7.2M (and in NYC, that further drops to $6.9M for the city taxes). For me, $8.5M is a borderline kind of amount. I'd probably peel off $8M and toss in a Tax free Muni at about 5%, netting me $400k/year and tossing the half mill in the bank for random expenses. For me, that amount is just about enough to retire from working as it's about double my current income. As /u/wordserious put it, that is not a full on yacht bracket, at least not immediately... though if you are thrifty [you could save up for a nice one](https://www.worthavenueyachts.com/yachts-for-sale/hyperion/) and its continual upkeep costs.
+12 @None [deleted]