Powerball Jackpot Hits $1.6 Billion: What Experts Say Winners Should Do Next

The Powerball jackpot is sitting at a jaw-dropping $1.6 billion, and Monday night’s drawing has millions of Americans dreaming big. With odds of 1 in 292.2 million, it’s the fifth-largest jackpot in US history—and a win would change everything overnight.

But here’s the part no one really talks about: once you win, you’re mostly on your own.

According to Emily Irwin, a financial advisor who works with lottery winners, the biggest challenge isn’t winning—it’s what happens next. From taxes to spending pressure, every decision suddenly matters a lot more.

Lump sum or annuity: the first big call

Winners must choose between:

• Lump sum: About $735 million upfront

• Annuity: The full $1.6 billion paid over 30 years, starting now and growing by 5% each year

Irwin says the right choice depends on tax impact and personal money habits.

• The lump sum gives you full control and immediate access, which can be powerful if you invest wisely.

• The annuity offers long-term stability and peace of mind—especially helpful if you tend to overspend.

Build a pro team—fast

Most winners don’t get built-in guidance, so Irwin strongly recommends assembling experts right away:

• A lawyer

• A tax accountant

• An investment advisor

• A philanthropic advisor

These aren’t casual hires. You’ll want professionals experienced with high-net-worth finances, and it’s smart to interview a few before choosing.

Smart ways to handle the money

Before splurging, Irwin suggests slowing down and looking at the full picture:

• Pay off existing debts like student loans or mortgages

• Keep a diversified portfolio with cash, stocks, and bonds

• Be cautious with real estate—it comes with taxes, maintenance, and ongoing costs

Big purchases should fit into a long-term plan, not just impulse excitement.

Keep your win quiet

Staying low-key early on can help protect both privacy and safety. That means avoiding flashy purchases right away and being thoughtful about who you tell.

Family and friends may come asking. Irwin says learning how to **say no politely—but firmly—**is critical. Some winners even work with coaches to manage family dynamics and expectations.

The golden rule: don’t overspend

Seeing millions in your account can make anything feel affordable—but it’s not.

Lavish homes, private jets, and luxury lifestyles can drain even massive fortunes fast. Once spending ramps up, expenses snowball just as quickly.

Bottom line: Winning the lottery can be life-changing—but only if you slow down, get the right help, and spend with intention. Big money lasts longest when it’s handled wisely.