Here are the winning Powerball numbers for June 1:
6 – 15 – 34 – 45 – 52
The winning number was reportedly sold at a lottery retailer in North Carolina.
The current Powerball jackpot
While everyone is focused on the ballooning Mega Millions jackpot, another big lottery drawing is quietly gaining size in the background. Namely, Powerball looks like it made someone $350 million richer on Saturday night.
After the May 29 drawing failed to find a purchased match to its six balls, the estimated jackpot climbed to this astronomical figure. For those who are cash option players, the amount translates to $221 million.
As jackpots go, it’s large, but not to the stratosphere yet. As it stands, this drawing will be the 40th-largest in US history and the 23rd-largest for Powerball.
The $350 million Powerball jackpot, by the numbers
Still, $350 million is a gargantuan amount of money for most people? In fact, let’s examine exactly how much that is. First, how much would a Powerball winner get to keep?
For those who may have forgotten, the difference in price between the estimated jackpot and the cash option proceeds from a basic concept called the time value of money. Essentially, the payments for a $350 million annuity are worth the equivalent of $220 million today.
Were a person to accept the $220 million, they would then have to pay taxes on the inflow of cash. Since the majority of the income would be taxed at the highest bracket, the winner could count on paying roughly 37% of most of the prize.
Roughly speaking, after taxes, the winner would keep about $139 million of their prize, give or take a few million. Smart investment of that amount would likely yield returns of 5-8% each year.
Five percent of $139 million is just less than $7 million. Per year. Forever.
So, winning the 40th-biggest jackpot in history is still pretty good.