When comparing pro poker players to the general population, you wouldn’t exactly say that they are tight with their money. In fact, many pro poker players are as loose with their money away from the table as they are on it. However, just like everyone else, poker players are going to get old some day and are also going to want to stop (or at least cut down) on their work. And whether that line of work is still poker or something else, they need to set themselves up for retirement no matter how much money they’re making.
One great way for a professional grinder to set them self up for retirement is through a SEP IRA or Keogh plan. These are both great ways for poker players to begin collecting retirement because these plans are set up specifically for the self employed. Plus a person can put up to $40,000 a year in SEP IRA’s and $46,000 in Keogh plans which is another plus for poker players that really rake in cash.
CD’s are an excellent way for poker players to make some short-term money to add to their retirement fund. With a CD, people can invest in 3-12 month plans which will provide around a 3-4% return and they’re excellent to combine with long-term retirement plans.
One more great choice for a poker player’s retirement plan is municipal bonds because these make tax-free interest and that’s a huge plus in the stock market. Municipal bonds are also a very safe investment - especially when the stock market isn’t doing so well.
The bottom line is that even poker players need to have something put away for when they’re older and it’s never too late to start up some kind of retirement plan.
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