How Much Money Do you Need to Win To Retire For Life and Never Work Again?

Posted on November 24th, 2009

win lottery and retireWith all the lottery wins happening recently (such as the EuroMillions Magnificent Seven for example), we got to thinking- how much money do you need to win to retire for life comfortably, so that you never need work again?

And can you retire off an online progressive slots jackpot? Well, given that someone scooped 6 million on Mega Moolah this year then yes, absolutely.
If you want to try for the Mega Moolah jackpot try the Hippodrome Casino by the way).

It all depends on your personal circumstances of course, but it’s an interesting question to pose anyway. The EuroMillions jackpot was shared 50/50 by a couple from Wales who scooped a bucketful, and a syndicate of 7 who each netted a fortune (albeit smaller than the couple from Wales). Can they all retire? Would they even want to? Online slots jackpot payout are also getting into the millions. Can you retire on a fruit machine win on the Internet?

The syndicate from Merseyside won the £45m jackpot in the Euromillions lottery draw recently- let’s focus on them. Can they now hang up their boots and head off to Barbados in their flip-flops?

Of course, it is going to heavily depend on how old you are when you get lucky. If you scoop half a million pounds in your forties, and are willing to make some investments out of the mega safe zone, you should be able to generate an average wage for yourself off the investment for the rest of your life. (We are talking an average wage here). If you are in your early twenties, you’ll need more than 2 million quid in todays money to generate this kind of income. This would net you around 25 grand a year in todays money.

Of course, if you are prepared to invest your money in more risky areas- ie shares, you might get away with a figure substantially less. But you also might come a cropper. And you have to take into effect, that these calculations assume that the level of inflation is going to stay reasonably low for the forseeable future. If the iinflation ramps up and your capital is invested in something that is keeping up with the pace of the devaluation of money- your pile of loot will run out faster.

And remember, this will only give you the average wage. If you want to win the lottery and join Simon Cowell and his mates at Sandy Lane in Barbados every year, you’ll need to win substantially more. And what’s this about retiring? You’ll be busier than ever investing your funds in areas that will generate you a significant return, not to mention batting off all of the salesman and neerdowells who will suddenly take an interest in you.

So have the winners called the Magnificent Seven won enough to retire for life? The older ones have comfortably. The younger ones will need to invest their money carefully, but they will also be avoiding the Tesco Value aisle for years to come.

And the couple from Wales? Heloooo Simon Cowell. Get your towel off my sun lounger please.

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