The Lottery and your retirement

Don’t be one of the boneheads counting on the lottery to retire.

Here’s why:

Your chances of retiring?  Pretty close to 100% (unless, fate forbid, you die before you retire).  Your chances of winning the Lotto Max?  1 in about 29 million.  (Mathematically it’s closer to 1 in 86 million, but because the way the tickets work it’s about 1 in 29 million.)  1 in 29 million is 0.0000034483%.

So, if your retirement plan is to win the lottery, your plan has failed again.  No one won the big $50 million the other night.

The largest lottery prize in Canadian history is still up for grabs. No one won the $50 million Lotto Max jackpot Friday night, which means it’s still in the pot for next week’s draw.

Many years ago while I was working for BMO, I attended an investment conference.  During that conference we discussed retirement planning, investment planning, insurance – a whole bunch of things.  One interesting survey was mentioned: at that time (late 1990s, early 2000s) about 2% of Canadians were relying on winning the lottery in order to retire.  Read More…

This article has 5 Comments

  1. Darell Seabrook

    I won $10 last night!

  2. Brenton

    As long as people can hope they will continue to think they can win the lottery. Have at it hoss.

  3. Carson C

    Funny is that my mom did win the lottery back when i was a teen (she always played her same #s every week) BUT that week she didn’t bother to play…the 1st time in 10 years and that was the night she would have won. Still stings when i bring it up to her today.

  4. Alfie Capone

    Where is the logic behind this?!?11 As you mention the odds are next to 0.

  5. Ernesto Jacobs

    Sad to say that my family has this long history of addiction to lottery tickets. They can’t get enough of them. And after 3 generations of losers they continue. Let’s hope my generation doesn’t fall into the same trap!

Leave a Reply

Your email address will not be published. Required fields are marked *