As of 1:30 Central Time, January 11, 2016, the Powerball jackpot is 1.4 Billion dollars. If paid in a lump sum, one would receive $868 million prior to taxes. On payday, the U.S. Government will hold 25%; the state of Illinois will hold another 3.75%. Thus, on the day of the big check cashing, you’ll see a balance of over $618 million.
For more fun on the math, please see this CNN article.
If all of that $618 million dollars was focused entirely on Alzheimer’s research, consider the possibilities:
- 19 years of funding at the Alzheimer’s Association at current levels (ALZ Financial Statements)
- 231 years of funding with Nobel Prize Winner’s Dr. Paul Greengard’s Research at the Fisher Center(Fisher Center for Alzheimer’s Research Foundation)
- 7,054 individuals to receive care at a nursing home for a year ($240/day)
- 9,507 years of Sponsorship to the Greater Illinois Walk to End Alzheimer’s (2016 Walk to End Alzheimer’s Champaign/Urbana)
- 15 million portable caregiver alert devices
While unrealistic for anyone to donate such a large sum to one cause, we pray that the eventual winner consider the many charities that can use that boost. Since 2002, nearly 244 different drugs were evaluated in clinical research trials. Unfortunately, only one made it to the market. (Motley Fool)