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Could Gambling Be Affecting Your Retirement Plan?

Everyone has a vision of how they want their future to look. Whether spending your golden years traveling the world with the person you love or taking the time to rest and explore some hobbies, you want to ensure you have enough money saved to make it all a reality. Through various 401Ks, IRAs, and retirement plans, people have more options than ever to ensure they have the money to retire comfortably. However, could an ongoing gambling problem put that future in jeopardy? 

What Happens When Retirees Get Access to Their Retirement Accounts?

As more people get into retirement age, they want to find more ways to spend their time and money with the time they have left. They spend their careers working to save this money and live a certain lifestyle when they reach 65 years old — or whatever age they decide to retire. With their bodies not being as spry as they once were, they want to find different activities that they can participate in that fit into their current lifestyle. For many seniors with gambling problems in Freehold, NJ, and beyond, that means either a trip to Atlantic City’s casinos or diving into the burgeoning sports betting markets. 

Whether it’s an affinity for betting the ponies or participating in the booming field of sports gambling in Freehold, NJ, more people potentially throw their retirement plans away. These funds are designed to last them throughout their retirement. However, a gambling problem can quickly derail the long-term goals of your funds. 

The Allure of Gambling for Seniors

Seniors are always looking for different ways to spend time with friends and loved ones during retirement. With more casinos popping up and flooding the market, they have more options than the Freehold Raceway to gamble their money. The thrill of winning a large bet remains intoxicating as we mature, leading to worsening gambling problems in this particular demographic. 

Additionally, if someone suffers from chronic pain in their old age, gambling can help numb that particular pain and be the escape from reality they’ve been looking for. Problem gamblers at any age use their vice to ignore any parts of their life that have become a drain on their mental and physical well-being, acting as a placebo for these serious issues and becoming a new prominent focus in their life. 

How to Identify if There Is a Gambling Problem

For many seniors and their loved ones, it can prove difficult to tell from a glance if there’s an issue with their finances. Problem gamblers have extensive experience covering up their habits and shielding those closest to them from the fallout of their actions. Identifying different warning signs can help notice a problem before it becomes too serious. 

Some of the biggest warning signs that you can keep an eye out for in elderly loved ones include: 

  • Using gambling as an escape from the loss of a spouse
  • Dealing with a chronic illness and spending more time at a casino
  • Planning their days around trips to the casino
  • Falling behind on vital bills and essentials

Do the Elderly Reach Out to Gambling Recovery Resources?

For some older adults, reaching out to gambling recovery resources when they have a problem can become the biggest challenge. After they reach retirement age, people become more mindful of their mortality and how long they have before they move on. In cases like these, the older problem gamblers might think, “what’s the point of getting help?” The problem with this line of thinking lies in the fact that if they leave their gambling habits unchecked, the situation will spiral out of control and leave them destitute during the time they have left. 

Loved ones must carefully approach the conversation with their elderly loved ones with a gambling problem. How you handle this discussion can mean the difference between preserving what they have left and going into bankruptcy. 

Let 800-GAMBLER Help Your Elderly Loved Ones With Their Gambling Problem

Knowing where to go for help with a gambling problem can make all the difference in how you enjoy your retirement. With so many dramatic life changes occurring in a short period with more time on their hands, the potential for becoming a problem gambler increases. If you or someone you love has a gambling problem, please don’t hesitate to call our free 24/7 confidential helpline, 800-GAMBLER. 

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