"I woke up thinking I'm going to look for a job, and I don't know where the money's going to come from," said Tim Rivers. "And by the grace of God, that money came in."
Rivers said he and his wife, Pam, plan to buy a new house and move out of their mobile home in the town of Salem in southern Indiana. They also plan to buy a Ford Explorer and a Jeep Cherokee.
The couple, who are both 24 and have two young children, opted for the cash option and will receive $49.9 million before taxes, a Hoosier Lottery spokeswoman said.
"Winning that much money terrified me," Tim Rivers said, adding that when he realized Saturday he had a winning ticket he immediately called a financial planner.
Pam Rivers, who works at a daycare center, said both she and her husband plan to return to school and she hopes to become a nurse.
They have a 6-month-old son, and a daughter, 4.
The winning numbers for Saturday night's drawing were: 11, 44, 45, 48, 50 and Powerball 2.
This is the fourth time in the last five months that someone from Indiana has won a Powerball jackpot, and the 32nd since the multi-state lottery was created 12 years ago — more than from any other state. Four of the past six winners have been from Indiana.
A Washington, Ind., woman held one of two winning tickets for a $191 million Oct. 25 jackpot. In the following two weeks, Indiana residents won jackpots of $12.8 million and $10 million.
"Once again, we're proving it's good to be a Hoosier," Hoosier Lottery director Jack Ross said.