Here’s a thought experiment for you: You know a guy who is not especially bright and not especially responsible. He has a good job, but he refuses to put anything away for retirement. You ask him: “Bob, what are you going to do about your retirement?” And Bob says: “No problem — I’m going to win the lottery.” Ten years go by, and you have the same conversation: “Bob, are you saving for retirement?” “Nope. I’m going to hit the Powerball.” More years go by, Bob is now in his 60s, and you say: “Bob, you dummy, don’t you wish you’d saved something so that you could think about retiring?” “Don’t be crazy — I’m going to win the lottery.” And then, a few weeks after his 65th birthday, Bob wins a $400 million lottery jackpot. He’s flying private, you’re back there pinching your pennies in coach.
Question: Is expecting to win the lottery a responsible way to plan for your retirement?
Comments