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How Mega Millions and Powerball winners can protect their windfall

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Frederic J. Brown | AFP | Getty Images

Mega Millions players can let the daydreaming continue.

With no one hitting all six numbers drawn Friday, the jackpot has jumped to an estimated $376 million. And Powerball, with the next drawing set for Saturday night, is at $341 million.

Of course, due to taxes, those advertised amounts are not what you’d end up with if you manage to beat the astronomical odds of a single ticket winning ( 1 in 302 million for Mega Millions and 1 in 292 million for Powerball).

Nevertheless, the sudden windfall in your life would likely feel overwhelming, experts say. And while you might be eager to claim your winnings, experts say it’s best not to rush over to lottery…



Source cnbc.com

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