Are You Gambling With Your Retirement?

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Are You Gambling With Your Retirement?

 

THE STORY OF JOE AND ANDY

Joe and Andy were childhood friends, and they kept their friendship alive all through their lives. They didn’t move far from their hometown, and they always made time for each other, playing poker once a week for 25 years, going on fishing trips together, and attending football games at their local high school.

They were good buddies, but although they shared a lot in their lives, they didn’t share the same approach to saving for retirement. Joe was a long term thinker, and he gave a lot of thought to his retirement. He put as much of his pay as he could into his 401k plan, and he managed to diversify into real estate, annuities, and even a cash value life insurance plan that would provide a tax-free income. He lived modestly, and didn’t buy much on credit, because he didn’t want to be in debt.

Andy couldn’t be bothered with that. He never had a budget in his life, and he always bought whatever he wanted. He lived in a bigger house than he could afford, and he traded in his cars every two years for a newer, more expensive model. He borrowed against his 401k and never put aside anything extra. When he got laid off in his 50s, he never found another job with the same pay or benefits, and he dipped into his retirement fund to finance his lifestyle.

When Joe and Andy turned 65, their lives were very different. Joe and his wife Susan were able to start receiving income from their annuities and life insurance policy, so they were able to buy a vacation home. They had enough money to live comfortably in both of their properties, plus take a couple of vacation trips each year.

Andy and his wife Diane had only Social Security to live on, and they had to move to a smaller house, sell one of their cars, and cut back in every area of their lives. Andy even had to stop playing poker with Joe every week, because he didn’t have the money for it!

In poker terms, Joe and Andy played their cards differently, and that made all the difference in their retirements!


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Saving Your Acorns

SAVING YOUR ACORNS

Squirrels have a pretty good retirement plan, if you think about it. While other animals — like, for instance, the crows — are living the carefree, party-hearty lifestyle all summer and fall, the smart little squirrels are gathering acorns and storing them for the winter months.

That’s why they can curl up in their trees and play canasta all winter, while the crows have to search for odd bits of seeds in the snow all winter long, and complain about their arthritis.

A lot of people are the opposite of squirrels. They go along from day to day not thinking much about the future, because, well, there’s just too much going on in the present to keep them busy.

But that’s a mistake, and here’s why.

Retirement. Yes, there’s a time in either the near or far future when we will reach the end of our working life, and we’ll want to have enough acorns put away to weather the winter of our lives. Sorry if this is getting too poetic, but you get the point.

It’s that it’s never too early to start planning for a happy, healthy retirement, and actually sooner is much better than later. The future is not easy to predict, but one thing that’s pretty certain is that the cost of living is bound to go up, and certain other costs — like healthcare, for example — will go up faster than the average.

If you want to have enough money on hand to pay for all those increased costs, it’s essential to start saving for retirement now.

At Universal Retirement we can help you do that. Call us today at 702-400-4500 to learn the best way to save your acorns.

We’re very good with acorns.


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