Study in 2006 Shows 21% Rely Upon Lottery Tickets As Retirement Plan

 

Better Than Lottery Tickets
Retirement Plan

On 8/9/2013 I published a post with the title…

Does Your Financial Plan Rely Upon Buying Lottery Tickets?

I was very pleased and pleasantly surprised to receive a response from Jerry Kalish, President of National Benefit Services, Inc., a Chicago-based retirement plan consulting, actuarial, and administration firm that helps employers get their retirement plans from where they are now to where they need to be. The firm’s clients include U.S. employers and multi-national employers with U.S. operations.

Published in LinkedIn and on The Retirement Plan Blog by The National Benefits Services…as follows…

Gambling on retirement, part deux

By Jerry Kalish

Actually, a surprising large number of people believe that the most effective wealth building strategy is winning the lottery which I reported on in my 2006 blog post, http://tinyurl.com/GamlingOnRetirement .

A 2006 survey of about 1,000 Americans by Opinion Research Corporation conducted for the Consumer Federation of America and the Financial Planning Association found that one in five Americans (21%) survey thought playing the lottery was their most practical strategy for accumulating several hundred thousand dollars.

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As I read the results of this study it causes me to think and ask…are people relying upon buying lottery tickets  for their financial plan because…

  •      They actually think this is a good option?
  •      They have never been informed about developing a plan for retirement?
  •      If they could see the value of having a retirement plan would they do it?
  •      Have they just given up on developing a retirement plan for many reasons?

In any case 21% or more than 42 million people are gambling by throwing good money at bad opportunity. If the odds are 15 million to 1 to be able to win the lottery…you would need to play the lottery a lot in order to have decent odds…this is just gambling…not a plan at all…  and it is true that if you use money to buy lottery tickets that money can’t go to your retirement savings plan.

Does this information raise any questions with any readers of this post? If so…I ask that you “Leave A Reply” below or give me a comment dannorris42@gmail.com.

Lottery Retirement Plan


Fiscally Fit

Dan Norris

Small Business Consultant

Author