A group of 25 factory workers today pledged to finish an important order for their bosses, despite scooping a UK National Lottery jackpot of more than £14 million (US$26.3 million).
Each member of the winning syndicate at Gymphlex Sportswear manufacturers netted £577,858.76 (US$1,085,852) in Wednesdays draw.
But the group, who make up about a third of the workforce at the firm, were in bright and early the next day to work on an important overseas order.
Speaking as they celebrated at the factory in Horncastle, Lincolnshire, the machinists and other staff said they could not leave father and son company bosses George and James Greenlees in the lurch.
One winner, garment finisher Leslie Fountain, 57, said: I was in at 7.30 this morning as usual.
I was given this job when I had nothing and wouldnt leave Gymphlex in the lurch.
The money will still come in handy but Mr George has been a good boss and I wouldnt want to let him down.
Mr Fountain said he had worked at the firm for 22 years.
Purchasing manager Pam Emmerson, 50, said: It has been lovely to win as a team.
Its like a great big party and everyone at Gymphlex and even in Horncastle seems genuinely thrilled for us.
It will make a huge difference to everyone and its great to be able to share our excitement with each other.
The firms managing director, James Greenlees, said: It couldnt happen to a more hard-working and diligent group and we wish them all the best.
We expect a row of gleaming Rolls-Royces in the car park on Monday morning.
Syndicate organiser Elaine Waite, 46, said she learned about the win via Teletext on Wednesday night, but only told her fellow syndicate members yesterday.
Mrs Waite said: I couldnt quite believe my eyes.
I was absolutely astounded and I called my husband, Barry.
A million dollars is not enough to retire on pretax or posttax. It would come closer if you owned your own house and already had money saved up for retirement ( and were close to retirement). For those of us whom don't own a house and are a very long ways from retirement its not even close to the amount needed to quit.
I agree with dvdiva, I think you need at least 5 million after taxes to be set for life - you may not be in the lap of luxury, but you won't have to work if you don't want to.
fwlawrence: The key is IF you generate enough income - at 5% per annum (to keep the principal safe) you would only generate $50,000 per year - not enough to be confortable without working. Don't forget, if you don't work, you will have to pay your own medical benefits - that can get very expensive.
Quote:Originally posted by mrmst on January 26, 2005
fwlawrence: The key is IF you generate enough income - at 5% per annum (to keep the principal safe) you would only generate $50,000 per year - not enough to be confortable without working. Don't forget, if you don't work, you will have to pay your own medical benefits - that can get very expensive.
Don't they have socialized healthcare in the UK? Also, are lottery winnnings in the UK taxed? All that could make a difference as to wether or not they can retire. Those people seemed in their 50's anyway so they probably are close to getting their equivelant of social security and national health benefits anyway.
They do have socialized health care. As well as a crime problem in London.
As for 1 million being enough to retire on you must live in an area with depressed real estate. Half a million is a starting price just for a home in a good school district.
Knowing it was going to be the last work order ever must have made it easier to show up to to work.
A million dollars is not enough to retire on pretax or posttax. It would come closer if you owned your own house and already had money saved up for retirement ( and were close to retirement). For those of us whom don't own a house and are a very long ways from retirement its not even close to the amount needed to quit.
I agree with dvdiva, I think you need at least 5 million after taxes to be set for life - you may not be in the lap of luxury, but you won't have to work if you don't want to.
Never ever burn your bridges..............you never know when you might need to cross over again......
I disagree with dvdiva and mrmst. One million is enough to retire on if you are generating enough income from your investments.
fwlawrence: The key is IF you generate enough income - at 5% per annum (to keep the principal safe) you would only generate $50,000 per year - not enough to be confortable without working. Don't forget, if you don't work, you will have to pay your own medical benefits - that can get very expensive.
No tax on lottery prizes in the UK! (And I don't believe they have socialized health care)
They do have socialized health care. As well as a crime problem in London.
As for 1 million being enough to retire on you must live in an area with depressed real estate. Half a million is a starting price just for a home in a good school district.