What “The Price is Right” Can Teach Us About Retirement Planning

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The Price is Right has been on television for 43 years, a testament to its appeal. One of the reasons we’d argue that people love The Price is Right is the life lessons the show speaks to indirectly. Here are some of those lessons, and how they can inform retirement planning.

Small Margins

We’ve all cringed during the portion of the show where the four contestants at the panel have to guess the price of an item or group of items to get on stage. One person guesses $700—and the next person guesses $701. It’s somewhat of a dirty trick, but if the price of said item is close enough, that $701 bidder will be the one who gets to play the game, even though $700 was guessed first and maybe more thought out. When it comes to planning for retirement, the tiniest amount of money can make a difference, especially if people start saving early. Don’t let $20 a week, or lazy investing, be the difference between the spotlight and the audience seating.

Uncertain Cost

Once contestants get on stage, all of the show’s games have to do with guessing the price of more items. Most exciting is once or twice an episode when a new car is up for grabs. Often those games will require players to put numbers in order to state the vehicle’s price, or say if a number should be higher or lower. You’d think with the number of car commercials on television, we’d all know what a new car costs, but more often than not, players lose these games.

Just because we think we know how much retirement costs doesn’t mean our estimations will be accurate. When it comes to retirement planning, overestimating the cost and planning accordingly is a great tactic. Even if you lose at your guessing game, you win by having more savings. Unfortunately, many people simply aren’t informed about the rapidly rising costs associated with retirement, and they end up underestimating. That’s a lose-lose situation.

Not Everyone Wins

We’re told as Americans that everyone can work their way into a golden retirement. However, that illusion is quickly disappearing, especially as both Social Security and Medicare rise in cost. In The Price is Right, everyone who makes it on stage gets a chance to go to the Showcase Showdown, but in the end, only one person is able to truly achieve success. Blow this out in proportion to our population. Not everyone is going to be able to simply save enough money to retire. We’re all being saddled with finding new solutions in order to get the money we need to retire. If you or someone you know is struggling to find their payout, consider selling a life insurance policy that you no longer want or need. It could make a big difference in how your retirement game goes. Visit our calculator and see if a life settlement could be a good option for you.

LSA QCal

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