HOW TO FUND YOUR RETIREMENT-WIN THE LOTTO!
Winning the Lotto, marrying a rich partner and coming in to an inheritance all feature prominently in people’s “plans” for retirement, a survey from Hibernian Life and Pensions reveals today.
The study found that despite odds of more than 8,000,000:1 almost 10pc of consumers in Ireland see
winning the lotto, which this Wednesday is estimated to reach E9m, as the most “practical” way to fund their retirement.
And if the lotto fails to deliver, consumers in Ireland are on the look out for a good marriage or a
handsome inheritance to fund their golden years.
Interestingly, more men than women are relying on lotto luck to fund their retirement with 11pc of men compared to only 6pc of females claiming the lotto is their ticket to financial security in retirement. Hibernian’s research shows that lotto fever is most rife in Munster, Ulster and Connacht with 11pc of people in these regions saying the lotto is the most ‘practical’ way to accumulate wealth for retirement. Only 5pc of people in Leinster agree with this approach to retirement planning.
Commenting on this wave of lotto fever, Mark Reilly, pensions expert, said: “Hibernian’s research now reveals that a relatively large number of people, almost 10pc, are taking a high risk gamble when it comes to funding their retirement. Instead of availing of the tax benefits and proven returns from pension investments, they are hoping for a lotto win. Despite the current turmoil in the financial
markets, long-term pension investments are a proven path to financial security whereas a lotto win is a very, very, long-shot. In fact, if winning the lottery is the cornerstone of your retirement plan, you might want to consider a new approach since the odds of scooping the lotto jackpot is 8,145,060 to 1.” For those that do beat the odds and strike it rich by winning the lotto, financial security in retirement is still not guaranteed. UK hospital porter John McGuinness won Stg 10million in the lottery and 11 years later he found himself deep in debt, with no job and waiting on the housing list for somewhere to live. “While many lotto winners handle their new found wealth well, there are many lotto winners who find themselves in rags to riches to rags scenario. They make the mistake of thinking a windfall guarantees the future. All people, no matter how much money they have, should take stock of their financial needs and ensure that what they invest in satisfies these financial needs. So consumers must not forget the importance of getting proper financial advice rather than investing their retirement hopes on the roll of a dice or on their numbers coming up” said Mr Reilly.
inning the Lotto, marrying a rich partner and coming in to an inheritance all feature prominently in people’s “plans” for retirement, a survey from Hibernian Life and Pensions reveals today.The study found that despite odds of more than 8,000,000:1 almost 10pc of consumers in Ireland see winning the lotto, which this Wednesday is estimated to reach E9m, as the most “practical” way to fund their retirement.
And if the lotto fails to deliver, consumers in Ireland are on the look out for a good marriage or a
handsome inheritance to fund their golden years.
Interestingly, more men than women are relying on lotto luck to fund their retirement with 11pc of men compared to only 6pc of females claiming the lotto is their ticket to financial security in retirement. Hibernian’s research shows that lotto fever is most rife in Munster, Ulster and Connacht with 11pc of people in these regions saying the lotto is the most ‘practical’ way to accumulate wealth for retirement. Only 5pc of people in Leinster agree with this approach to retirement planning.
Commenting on this wave of lotto fever, Mark Reilly, pensions expert, said: “Hibernian’s research now reveals that a relatively large number of people, almost 10pc, are taking a high risk gamble when it comes to funding their retirement. Instead of availing of the tax benefits and proven returns from pension investments, they are hoping for a lotto win. Despite the current turmoil in the financial
markets, long-term pension investments are a proven path to financial security whereas a lotto win is a very, very, long-shot. In fact, if winning the lottery is the cornerstone of your retirement plan, you might want to consider a new approach since the odds of scooping the lotto jackpot is 8,145,060 to 1.” For those that do beat the odds and strike it rich by winning the lotto, financial security in retirement is still not guaranteed. UK hospital porter John McGuinness won Stg 10million in the lottery and 11 years later he found himself deep in debt, with no job and waiting on the housing list for somewhere to live. “While many lotto winners handle their new found wealth well, there are many lotto winners who find themselves in rags to riches to rags scenario. They make the mistake of thinking a windfall guarantees the future. All people, no matter how much money they have, should take stock of their financial needs and ensure that what they invest in satisfies these financial needs. So consumers must not forget the importance of getting proper financial advice rather than investing their retirement hopes on the roll of a dice or on their numbers coming up” said Mr Reilly.
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