The Extraordinary Christmas Draw envelops us in the excitement of the possibility of winning a large amount of money with the ‘Gordo’, even if the odds are one in 100,000. However, that will not prevent this December 22the Christmas lottery makes us fantasize about the possible purchases and investments we could make with the prize while we listen to the Children of San Ildefonso recite the numbers and prizes. In that sense, some people wonder if, by winning the first prize in the Christmas Lottery, they could retire without any worries.
In this year’s raffle, 2,702 million euros in nearly two thousand prizes, the ‘Gordo’ being the most coveted, distributing 4 million euros per series. However, the lucky person, if he had only one tenth, would end up with approximately 328,000 euros after paying the corresponding taxes.
Is it possible to retire if you win the ‘Jackpot’ of the Christmas Lottery?
The truth is that the possibility of retiring with this award depends on several factors. A young person surely cannot retire with a tenth of the ‘Gordo’, but someone over 65 could consider it. In that sense, calculating how much is needed to not work again implies taking into account the average spending per householdwhich in 2023 was about 32,617 euros, 3.8% more than the previous one, according to data from the National Institute of Statistics, and the life expectancylocated in 84 years in Spain.
Likewise, according to the INE, the average expense per person was 13,120 euros. It must also be taken into account that the most frequent salary was 14,586.44 euros in 2023 and the average salary was 26,948.87 euros.
The money that we would have to win in the Lottery to be able to retire
Therefore, a 55-year-old individual, beyond his contribution for future retirement, would require a premium of 883,895.88 euros for a worry-free retirement, while for a 25-year-old young man the figure would increase to 1,830,927.18 eurosequivalent to approximately six tenths awarded with the maximum prize.
The danger of spending excessively
However, although the dream of winning the ‘Gordo’ seems tempting, a study by the Universitat Oberta de Catalunya (UOC) revealed that around 70% of winners end up poorer after the first five years due to excessive waste.
Prudent management of this money is essential, since, although winning the ‘Gordo’ of the Christmas Lottery is exciting, the amount obtained pales in comparison to other draws such as the Primitiva or the Euromillions.
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