Millions of Americans' Retirement Plan -The Lottery

*The amount of money spent on lottery tickets across the U.S.A is increasing at an astounding rate, surpassing $70 million.

*Early research's initial conclusions have found three main factors to explain the increase in money spent on lottery tickets. 

 

         *The cost has increased substantially, leaving people unable to put money away and desperate for injection of cash. 

 

        *The other reason is an increasing number of people are dissatisfied with their job and unable to secure satisfying employment, which compels them to take a long shot with the lottery. 

 

        *Finally, Americans can no longer make interest off money held in savings accounts, leading them desperate to find a way to keep up with inflation and the cost of living.

*On average, Americans spend close to $300 a year on lottery.

*To understand the consequence, investors calculate that if an American invest this amount each year instead, they could have up to $150,000 in a normal retirement account (401K for example). 

*Unfortunately, when TitleShout shared this math, many Americans mentioned that accruing $150,000 over a career isn't that much anyways. 

*The other counterpoint comes from state governments that inform the public that the lottery revenue is great source of income for public funding, which goes back to the same people buying the tickets.  

*The stagnation of workers' income started in the 1980s and has continued since then, which has correlated to the rise in people playing lottery.

follow us: