Personal Finance

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…

Replies to this Post

  1. Darell Seabrook says:

    I won $10 last night!

  2. Brenton says:

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

  3. Carson C says:

    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 says:

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

  5. Ernesto Jacobs says:

    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!

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