Not if Powerball comes before your bills!
Playing the lottery can provide a thrill, though not necessarily a cheap one. You can pay a mighty steep price for a super-slim chance at striking it rich, especially for anyone preparing for retirement. Nearly one-half of boomers in the U.S. between the ages of 56 and 62 are at risk of not having enough income in retirement to pay for basic necessities and uninsured health costs, much less Powerball and Mega Millions tickets.

If you're trying to get ready to retire — or simply trying to make ends meet on a limited budget — you need to think hard about devoting precious financial resources to long-shot jackpot hopes. Despite the long odds, about 50% of people over 50 report some form of gambling including playing the lottery, according to Keith Whyte, executive director of the National Council on Problem Gambling.

Spending a dollar a week to play your lucky numbers won't break the bank; just don't count on winnings to fund your retirement. The keys are playing the lottery for fun and spending within your means. "You need to know how to gamble responsibly," says Whyte, "which means knowing the odds, being able to set a limit of time and money, and being able to stick to it."

Play for fun

Truth be told, most people who play the lottery are hoping to win big. Maybe the dream is to buy a new home, put the grandkids through college, or simply quit work and live the good life. In reality, almost no one hits the jackpot. Assume you won't either. Don't play to get out of debt or provide for your future. The lottery is no substitute for a steady job and solid retirement planning.

Set limits — and stick to them

Even if you have plenty of disposable income to throw at lottery tickets, set a limit on the amount you'll spend. Decide how much money you're willing to lose ahead of time and stick to that budget no matter what. Never spend more to try to recoup losses.

Figure out how much time and money you can reasonably devote to the lottery. How many times a week, month or year do you want to play? How much? As with any budget, when you reach your limit, stop — even if you have money burning a hole in your pocket.

Guard against gambling addiction

Lottery tickets, at a buck apiece, don't seem like a financial burden. But if you buy lottery tickets every time you hit the pharmacy or stop for gas, those dollars can start adding up fast. Make sure you only spend what you can truly afford to lose.

Are you dipping into savings to buy scratchers? How about diverting funds set aside for monthly expenses such as groceries and utility bills to Powerball purchases? You should treat lottery tickets like any other form of entertainment. You sock away money for dinner out or an evening at the movies, right? Do the same with playing the lottery.

Get help

Talk to a trusted friend, family member or health care professional if you're concerned about gambling addiction, or contact an organization such as Gamblers Anonymous.

Reposted from AARP.org