Is buying a lottery ticket a good plan for retirement?
Published on Wed, Feb 10, 2010 by Beckye RandallRead More Voices
Of course, I know the answer to that question. Winning the lottery was my father-in-law's retirement plan, and it didn't work out very well for him.
Over the years, I've supported the state's education fund by purchasing tickets for Lotto and other sanctioned games of chance. Just doing my civic duty, I rationalize. And if I happen to win a few bucks, so much the better.
We know it can happen. Just before Thanksgiving an Arlington man, Kristopher Johnson, won $6.5 million in Lotto. Former Everett Port Commissioner Don Hopkins, who used to help coach my son's baseball team, won a $24 million Lotto jackpot back in 1999. Still, that lightning strike seems like a long shot.
Now the state has joined the Powerball lottery, a second multi-state game that joins MegaMillions in pooling our money with that of players from neighboring states. Both promise huge payouts, with MegaMillions jackpots starting at $12 million and Powerball at an incomprehensible $20 million.
The odds of winning? For the Powerball millions, it's one in 195,000,000. That's a lot of zeroes.
According to the lottery Web site (www.walottery.com), the games generated more than $487 million in revenue last year. A little over $300 million was paid out in prizes, and retailers who sold the winning tickets earned bonuses of about $30 million. After administrative costs, subsidies for Seattle sports stadiums and contributions to the Problem Gambling program, about $102 million was left to distribute for the construction of schools.
So the lottery is obviously not the answer to all the state's budget problems. When legislators are struggling with deficits in the billions, a measly $100 million or so is barely a drop in the bucket. Adding Powerball may throw a few more dollars into the general fund, but not enough to close the revenue gap.
However, winning the lottery could definitely solve my budget problems, and those of my friends and family members. It's not asking too much, is it, for that lightning to strike close to home?
Over the years, I've supported the state's education fund by purchasing tickets for Lotto and other sanctioned games of chance. Just doing my civic duty, I rationalize. And if I happen to win a few bucks, so much the better.
We know it can happen. Just before Thanksgiving an Arlington man, Kristopher Johnson, won $6.5 million in Lotto. Former Everett Port Commissioner Don Hopkins, who used to help coach my son's baseball team, won a $24 million Lotto jackpot back in 1999. Still, that lightning strike seems like a long shot.
Now the state has joined the Powerball lottery, a second multi-state game that joins MegaMillions in pooling our money with that of players from neighboring states. Both promise huge payouts, with MegaMillions jackpots starting at $12 million and Powerball at an incomprehensible $20 million.
The odds of winning? For the Powerball millions, it's one in 195,000,000. That's a lot of zeroes.
According to the lottery Web site (www.walottery.com), the games generated more than $487 million in revenue last year. A little over $300 million was paid out in prizes, and retailers who sold the winning tickets earned bonuses of about $30 million. After administrative costs, subsidies for Seattle sports stadiums and contributions to the Problem Gambling program, about $102 million was left to distribute for the construction of schools.
So the lottery is obviously not the answer to all the state's budget problems. When legislators are struggling with deficits in the billions, a measly $100 million or so is barely a drop in the bucket. Adding Powerball may throw a few more dollars into the general fund, but not enough to close the revenue gap.
However, winning the lottery could definitely solve my budget problems, and those of my friends and family members. It's not asking too much, is it, for that lightning to strike close to home?
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