Powerball Jackpot For June 21: $64 Million

HOUSTON, TX — How would you like $40.6 million in cash? All yours, to do with whatever you desire. That's what's at stake in Wednesday night's Powerball draw, which takes place at 9:59 CST. The jackpot stands at $64 million (cash-value $40.6 million). Go ahead and come up with a wish list, because you'll need it. First on that list? Hire a financial adviser.

Want to know where to buy your tickets in the Lone Star state? Click here for the Texas lottery retailer database. They are sold in many locations across the state.

Now $64 million might seem minuscule compared to the January 2016 record Powerball jackpot, which was worth nearly $1.6 billion, but it's nothing to sneeze at, is it? (The billion-dollar-plus prize won in the Jan. 13, 2016, drawing was the largest lotto jackpot awarded in U.S. history and was split by three winners. In the summer of 2016, a New Hampshire player won a $478 million prize.

Do you like your chances? You have better odds of hitting the jackpot if you let the computer pick your numbers. The Multi-State Lottery Association, which operates the Powerball game, says about 75 percent of winning tickets are chosen by a computer.

(Want to get daily updates about lottery news and other events going on in your area? Sign up for the free Houston Patch morning newsletter.)

The lottery game is played in 44 states, plus the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Powerball draws can be seen on hundreds of TV stations nationwide. It may also be available on cable or your mobile device. The draws are also posted on YouTube and on our site.

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.

Follow Us On Facebook: Engage with your neighbors in the Metro Houston area and keep up with the talk of the day by liking one of our Facebook pages. Houston / Midtown Houston / Houston Heights / Galleria - River Oaks / Bellaire / Meyerland / Humble-Kingwood / Conroe-Montgomery County / Sugar Land / Pasadena / The Woodlands / Clear Lake

(Patch Editor Deb Belt contributed to this story.)

— Image: flickr/Travis Wise