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