To Quit Or Not To Quit After Winning The Lotto

Winning the lottery is definitely high, if not on the top of many people’s wish-lists.  The main reason for this is the fact that most people want to stop working and just enjoy everything that this world has to offer. But just how much would you have to win, in order to do so?

How much do you need to win on the lotto to retire

Retiring completely comes at a price. Would it be 1 million Euro? 2 million Pounds, or 5 million Dollars?  You would also have to think about the quality of life you want. While one person could quite easily live off just enough to pay the bills, have a few holidays now and then, another could want a whole lot more.

Another factor to consider is, do you want to really quit your job? After all, you might actually love what you do for a living and walking away from something that means the world to you, might not be something you honestly want.

A survey in the UK posed two questions to those involved.  “What's the first thing you would you do if you won the lottery?” And, “How much would you need to win to quit your job?

When asked the first question, ‘what’s the first thing you would do if you won the lottery?’, almost half the people said that they would travel the world.  Replies to the second question, “How much would you need to win to quit your job, came in with just one in five that would quit their jobs.

What's the first thing you would you do if you won the lottery?

  • Travel the world - 46%
  • Start a business - 19%
  • Leave your job  - 18%
  • Spend, spend, spend - 14%
  • Give it all to charity - 3%
  • Leave your partner - 1%


How much would you need to win to quit your job?

  • £5 million -   32%
  • I wouldn’t quit my job  - 23%
  • £1 million -  20%
  • Half a million  -  15%
  • £10 million or more  - 11%

Paul Hardware

Paul Hardware

Paul Hardware, who had just found out that he was about to be made redundant from his job as a chef, took a chance on the lottery. After regularly playing the lotto for approximately fourteen years, he and his wife, Denise, decided to add an extra line of lucky dip numbers to their ticket.

They won nearly £5m.
 
 “We’d been buying lottery tickets for 14 years and we’d won a couple of tenners, but that was it,” said Denise.

The couple immediately left their jobs went on a cruise to the Mediterranean to let the news sink in.

Nigel Willetts

Nigel Willetts

49-year-old Nigel Willetts, a pub landlord, accidentally pulled out £20 when he went to buy lottery tickets.

“It was a bit of an accident,” he recalled. “I used to do the lottery as and when. If I was in the shop, I’d buy £10 worth of tickets, but on this occasion, I pulled a £20 note out of my wallet.

“It was a rollover, so I decided to spend the £20 and did a lucky dip.”

Nigel won.

“It really does change your life,” he said. “Although I haven’t changed as a person. It’s nice to be able to relax a bit and to help your family out.”

So let’s have a look at Nigel’s numbers:

  • £20: Amount Nigel spent on lottery tickets
  • £1m: What he won
  • £375,000: The cost of his house
  • £96,000: Price of his Range Rover Sport
  • £50,000: What he spent on holidays (to Mexico, Venice, Benidorm, Dubai, Spain, Florida)
  • £200,000: What he spent on property (that's three properties)


So the next time you feel the urge to buy a few extra lottery tickets – you know what to do…
 
Matthew Evans

A lottery winner who’s taking a “career break” is former postman, Matthew Evans, after eventually finding his winning lottery ticket scrunched up in his pocket after three days.

Little did he know that the ticket he completely forgot about was worth £2.6m!

With the help of the lottery win, and after saving for a house deposit for years, he has bought a home in the Vale of Glamorgan. Matthew also at the time of his win, had plans to take his mum to the Wimbledon final and his dad to the Monaco Grand Prix.

Matthew Evans

Ivan Westbury

Just when you thought that everyone who has already been lucky enough to win the lottery have quit their jobs and gone off on exotic adventures, we get Ivan Westbury.

Instead of finally retiring and living it up:

Having fun on the rollercoaster

Ivan Westbury, who even after winning £7.7 million, can't imagine a day when he will ever retire, even after working seven days a week without a proper holiday for four years.

"I wanted to continue to work, as I my profession feel very connected and it very enjoy. When I tried for a day, to retire, I was bored - and that was only one day. At noon I was tired, although I have done nothing. I do not think I'll ever give up my job."

The reason he said: 'I'm an ordinary man who has always worked. Susan and I have worked very hard to build the business up and we have got a dedicated workforce to think of. Bless his cotton socks.


Investing your lottery winnings

For those online lottery players, who dream of winning the lottery for the sole purpose of immediately retiring and being rather clever about it by investing the win and living off the interest, remember you could be taxed in your country. Then, once the money starts to earn interest, you could in fact be taxed again.

The longer the time horizon for needing the income, the greater the pool of money you’re going to need at the beginning to make sure that money lasts.

A 5% return means that for every $1 million in lottery winnings, you could generate about $50,000 in annual income before any fees and taxes. Put another way, a 5% annual return on $5 million could generate about $250,000 a year.

But, let’s say you do win the jackpot, remember that it’s recommend that you put the money aside for a time before doing anything with it to give yourself time to formulate a plan once the initial thrill of the win passes.

Then, before you make any rash decisions, and start spending any money, before you start giving away all the money, you really want to sit down and figure out what the purpose of this money is.

In the end, there simply isn’t a magic number that you could apply to everyone, and what we will do after winning the lottery, will only ever be decided once the money is safely tucked away in your bank account and reality has sunk in.

Retire after winning the lottery

Play the lottery online

If you’re fond of daydreaming about winning the big jackpot — tonight’s SuperEnaLotto jackpot is currently sitting at a whopping 127 million Euro, which is surely more than enough to quit your job.

If you fancy taking home some tax-free Pounds Sterling this Saturday (23 August, 2016), be sure to buy your lucky UK Lottery tickets online right here at PlayUKLottery.com!

With a whopping jackpot of 7.6 million up for grabs in tomorrow night's draw - you might be in for a huge surprise!

Go ahead and play the lottery the safe way and play responsibly with PlayUKLottery.com.

Good luck with your entries!
The PlayUKLottery.com Team



This post was written by
Jason L - who has written 2610 articles
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