We can't win for losing.
Hello to All Who Plan to Grow Old,
My buddy confided in me that he had developed a fool proof system. "I'll never put away enough to take care of my old age," he sighed "So I've worked out a sure fire method of beating the table." Of course he meant the Tables at Vegas. I tried to point out that those big fancy casinos were not built on the owners good looks, but he was absolutely certain about his system. So my buddy drew out all the savings he had, somewhere around 5 thousand dollars, and off he went. Another friend of mine worked 30 years for the Department of Services for the Blind, and pumped money into a deferred compensation account. "Along with my state pension I'll bring home as much as if I were still working," she told me only weeks before retiring. It was right then that all Ned broke loose and she lost over 100 thousand dollars. Now that she is retired she has no way to recoup that money, so she is living a very scaled down life style. And it will not get better as she gets older.
So much for depending on careful planning and saving. We work with many clients who believe that they had salted enough into savings that they could live comfortably on the interest. Then the bottom dropped out and they are now worrying about where they will move once they run out of money.
We are being conned. On the one hand we are told that we must look out for our future and save for retirement. But we live in a system that is designed to find ways of grabbing our hard earned dollars.
And what about my buddy who went off to Vegas? He parried his 5 thousand dollars into a quarter of a million. He's now living in Chili.
Curious Carl
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