When Dominic C. decided it was time to stop gambling in 2012, the 50-year-old withdrew $56,500 from his IRA account at Santander Bank to pay back a gambling debt. “That wasn't the first time I used my retirement funds to help pay off casino debt,” he said.
Today, at 56 years old, the accountant completely abstains from any gambling at all and is paying back, under court order, a $187,500 casino debt, plus interest, but without dipping into his IRA, which is currently stable at $175,000.
"I learned the value of time and money the hard way,” Dominic told Financial Advisor. "Joining a support group of gamblers has saved my retirement.”
Older gamblers don’t have the same amount of time on their side.