What Would You Do?

[advantage playe]

for any of you who have a problem drinking responsibly please disregaurd my last statements ! the secratery will disavow any knowledge of my actions !! still cant spell oh well !

[Carcounter]

hey car if there were full pay deuces 25 dollars 100.76% and the machines r on the level! lets see 125 dollars a pull,say 700 hands per hour.so near 100 thousand dollars coin in,760 per hour expected profit,we can go partners plating 12 hour shifts !15 thousand theo profit per day ! 3 million per year expection.we only have to figure out the name of our new casino.

I would take a shot with part of my retirement money, not all of it, but maybe enough to get to a 5 or 10% risk of ruin. If this works out the way it should mathwise, we'll double our retirement accounts.

Unless you need the money, that's just foolish. It's fairly dumb for younger people to borrow from their retirement plans. For older people, it's just stupid.
Play with money you can afford to lose, not money already purposed for your old age.
It's one thing to withdraw $3,000 a month and designate some towards gambling but taking ten percent of your retirement fund to chase a full pay video poker machine is simply foolhardy. I'm sorry but there is no way to mince words here.
Never, ever, gamble your rent, your house or your retirement funds.

We are all different I guess. I fully understand why some folks would continue to play 97% games for recreation. I understand why they enjoy the casino environment. I do as well. I just can't do it. As far as my retirement funds go, I am still working at 67 and plan to do so for the foreseeable future. I am still contributing to my retirement every year. I know I have to start taking distributions at 70 1/2. I am not talking about my entire fund, but a 100.76% game with relatively low variance is a worthwhile risk. I would play very slowly however. Moot point because this game never existed and never will. There is a reason for that.

[Carcounter]

for those of you who don't drink ,I feel a little sorry for you. right? Debbie,linda,judge bill,dino,jeannie,eddie,and any of my friends I forgot to mention !!!!!!!!

He may not have been the first one to say it, but Dean Martin once said he felt sorry for people who didn't drink because when they wake up in the morning, that's as good as they will feel all day.

[notes1]

you only need to take minimum distributions from qualified accounts such as ira, sep-ira, etc. non qualifies monies have no such requirement.

as a side note, and i cannot predict the future and i do not know your exact circumstances, but it is unlikely that tax rates will ever be lower than now. it is almost a guarantee that tax rates will go higher, if dems have their way. because of that, it may be worth considering, at your age, to contribute to a roth-ira (if you qualify), or simply pay the tax and invest in non qualified accounts.

consult your adviser.

[advantage playe]

hey notes,sounds like pretty good financial advice ! thanks !! now what should car and me name our newly purchased casino ?? lol .oh car I think it was frank Sinatra who first said "I feel sorry for people who don't drink,the way they feel when they wake up in the morning ,that's as good as they are going to feel all day !!!!! thanks for reminding us of that one car !!!!!!!!!

[FloridaPhil]

as a side note, and i cannot predict the future and i do not know your exact circumstances, but it is unlikely that tax rates will ever be lower than now. it is almost a guarantee that tax rates will go higher, if dems have their way. because of that, it may be worth considering, at your age, to contribute to a roth-ira (if you qualify), or simply pay the tax and invest in non qualified accounts.

What worries me most is Means Testing. This is where they adjust your taxes by how much money you have, not by how much money you make. Many retirees have accumulated considerable wealth and the Government wants it. If you think this won't happen, Google Argentina retirement accounts. "Social Security for All" sounds great until you lose your health insurance. Sorry for the off topic remarks.

[Carcounter]

Phil, I am worried about that as well. I think it is inevitable that the government will eventually take over private retirement accounts and redistribute the funds. Only a question of when. 10 years, 20?

[tech58]

hey notes,sounds like pretty good financial advice ! thanks !! now what should car and me name our newly purchased casino ?? lol .oh car I think it was frank Sinatra who first said "I feel sorry for people who don't drink,the way they feel when they wake up in the morning ,that's as good as they are going to feel all day !!!!! thanks for reminding us of that one car !!!!!!!!!

On the morning after lines, a Winston Churchill quote. One morning he showed up at Parliament still in a tux. after a long night. For this he was soundly berated by a lady member. To which he replied,
"madam in the morning i will feel bettaaa , but you will still be ugleee."
Spelling is an attempt to convey English inflection,not very well.

[notes1]

CC, one might remember back just 6 years ago, when the island of CYPRESS government agreed to an imf bailout. in return, the government absconded with 47.5% of bank deposits, that were over 100k euros.

the gov't may not take over your retirement, but they could demand how it is invested. they could very easily mandate that all accounts have a minimum percentage of usa government bonds. because they would be required in every account, the return would be dismal, but would allow them to keep funding government programs, designed to buy votes, while operating in the red.

[olds442jetaway]

If the dems continue to bring in illegal aliens who will ultimately be allowed to vote,and professors brain wash our students such that conservatives are vastly outnumbered, I have no doubt that in the not too distant future, there will be a substantial wealth tax on your assets you have worked like a dog for during your lifetime to accumulate and if that cannot satisfy the ultra progressives, assets, Roths, bank accounts, etc, will be nationalized for the good of society and you will be allowed only a small portion for yourself if any. We see the beginnings of this already in the politics of some of the proposed candidates advocating the wealth tax.