Lotto dream is no retirement plan, workers warned

Worried workers banking on lotto wins and rich partners to fund their retirement were today warned they would have better odds with a pension.

Even though billions have been wiped off the value of the saving funds in the last year, experts insisted they remain the most secure way to save for old age.

But as tomorrow night’s lottery approaches €9m, finance group Hibernian revealed one in ten people see winning the jackpot as the most practical way to fund retirement.

Munster, Ulster and Connacht are banking on a massive windfall while the people of Leinster are relying on a well-off other half to provide for them.

Pensions expert Mark Reilly urged people to opt for a more sensible plan, rather than relying on a long shot.

“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,” he said.

“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.”

Out of 1,000 people surveyed, one-in-five said they were relying on a wealthy spouse or inheritance windfall to see them through old age.

The survey showed 11% of men were crossing their fingers for a lotto nest egg compared to just 6% of women.

Some 11% of residents in Munster, Ulster and Connacht said the jackpot was the most practical way to get a retirement lump sum against just 5% of people in Leinster.

But the trend was reversed when it comes to marrying well, with 5% of Leinster people hoping to bag themselves a financially rewarding marriage compared to just 4% in the other three provinces.

Mr Reilly also reminded lotto players that many jackpot winners had ended up worse off after their windfalls.

“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,” he said.

“They make the mistake of thinking a windfall guarantees the future.”