Record Powerball Jackpot Increases To $550 Million

The record Powerball jackpot just keeps going up. Wednesday's drawing increased to $550 million. That means the winner could take the cash option of $360.2 million before taxes.

Now, the numbers are just an estimate and could increase even more as the drawing nears.

Powerball officials believe there is a 75 percent chance a winning combination of numbers will be drawn Wednesday night.

Players have until 8:59 p.m. Wednesday night to purchase tickets for the drawing. Powerball drawings are held on Wednesdays and Saturdays at 9:59 p.m.

John Burns, founder of Exencial Wealth Advisors, released some advice to the lucky winner(s), if in fact, there is one this time around.

He suggests a few steps to take after celebrating winning the lottery:

1. Create a Plan—Invest time and money to assemble a team that includes an accountant and financial advisor and attorney who can address how to manage an unexpected windfall.

2. Choose Wisely – One of the first decisions for lottery winners is to choose a lump sum or annuity like payments. This decision can depend on your tax implications and current assets and could helpful to discuss with a financial advisor.

3. Taxes – Remember that taxes are applied to lottery winnings, so make sure to set aside money to pay taxes on the winnings.

With the Powerball jackpot at $550 million, the Oklahoma Lottery is encouraging everyone to play responsibly.