Powerball Jackpot Grows For Sept. 2 Drawing

METRO DETROIT, MI — Labor Day is traditionally a chance for families to get the last summer getaway in before school starts. While you’re walking the beaches of Lake Michigan, biking around Mackinac Island or just having a “staycation” at home this weekend, you might want consider playing Powerball.

The jackpot currently sits at $68 million, which may not seem like much compared to the recent $750 whopper. But would it be enough to extend Labor Day weekend, say, forever?

At any rate, on Powerball players matched the winning numbers from Wednesday’s drawing: 19, 28, 43, 67, 69 with a Powerball of 7. So, Saturday’s jackpot will indeed be $68 million with a cash option of $43.2 million.

Friday’s Mega Millions jackpot will be $53 million with cash option of $33 million. The winning numbers drawn on Tuesday, Aug. 29, were 2, 13, 17, 35, 73 and gold ball of 3.

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Each Powerball ticket costs $2. Find out where you can buy your Powerball tickets here. The Powerball game is played by matching all five white balls in any order and the red Powerball number. The odds of picking the correct Powerball grand prize numbers are one in 292,201,338.

A total of 44 states, plus Washington, D.C., Puerto Rico and the U.S. Virgin Islands, that participate in Powerball. Powerball drawings are held every Wednesday and Saturday at 10:59 p.m. Eastern time.

Claiming, Safeguarding Winnings
So, what should you do if you win the big prize? Many lottery winners hire an attorney, financial planner or both, since most people don’t exactly know what to do when they suddenly come into so much money. Some even bring their lawyer with them to claim their prize. The lottery does not offer any counseling services or advice for winners.

You have two choices when you claim your prize: the full value paid in 30 installments over 29 years, or a one-time lump sum that is smaller than the actual total.

Then there are the taxes. The federal tax on lottery winnings is 25 percent. Then, any extra income taxes like state or city would apply. Financial experts say that if you can get more than a 3 or 4 percent return on an investment, the lump sum is actually the best way to go in the long-term.

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