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Augusta’s Morning News with John Patrick & Mary Liz Nolan

Augusta’s Morning News with John Patrick & Mary Liz Nolan

Augusta’s Morning News with John Patrick & Mary Liz Nolan

Never Forget Why Those Hotels Are So Big

Author John Patrick
LAS VEGAS, NEVADA - FEBRUARY 10: Fans pose for a picture in front of the Bellagio Hotel and Casino along Las Vegas Boulevard ahead of Super Bowl LVIII on February 10, 2024 in Las Vegas, Nevada. (Photo by Harry How/Getty Images)

We’ve all seen those big hotels… and there’s a reason those hotels are so big!

How Much Did Casinos Make?

So, there’s a story out, and we talked about it on the morning show that in 2023, that casinos around the country made $66.5 BILLION from gamblers.

Listen to this, when you then add in the revenue from the tribal-owned casinos, they are expected to show that overall, casino gambling brought in close to $110 BILLION.

Breaking down some of the numbers.  In-person gambling remains the bread and butter of the industry.  Slots brought in $35.5 BILLION, up 3.8% from the previous year.  Table games brought in $10.3 BILLION, up 3.5% from the previous year.

Sports Betting

How ’bout sports? Oh yeah.  We wagered $119 BILLION on sports.  That’s up almost 28% year over year.

What About In Georgia

On the topic of sports betting, especially here in Georgia.  I have some close friends who spent much of their career dealing with local and state government, and I’ve been told on more than one occasion, that one of the big obstacles when it comes to sports betting in Georgia is the state lottery.  The lottery is very concerned that sports betting will impact the money they receive from people.  Don’t spend it on the lottery, go to the sportsbook.  The lottery lobby has stood in the way of this for the last few years.

You don’t have to look any further as to why states want to be involved when you see that casinos paid an estimated $14.4 BILLION in gambling taxes last year.  Up almost 10% from the previous year.

You will not be surprised to learn that Nevada is the nation’s top gambling market with over $15 BILLION in revenue.  Pennsylvania is a distant second with close to $6 BILLION.  Atlantic City is close behind with $5.7 BILLION.

That’s not to say that all casinos and states are making money.  Interestingly, Mississippi’s revenue FELL by 3.5%.  Indiana fell by a little over 2% and the sport-only betting market of Washington DC, dropped by almost 18%.

Will it ever come to Georgia?  It seems to progress a little further and further in the legislature each year.  Maybe one day.

But remember, in almost ALL cases, the house wins.  Never forget why those hotels are so big.

How Much Do You Need to Retire?

Have you ever wondered how much money you need to retire? It’s a big question and has a complicated answer. But, there are some ways to estimate how much money you’ll need to retire comfortably. So, how much do you need to retire?

Before we get into those numbers, let’s look at how the age at which you retire impacts how much retirement you currently get from Social Security. What is the maximum Social Security retirement benefit payable? According to Faq.ssa.gov, the maximum benefit is dependent on the age you retire. “For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822,” they state. “However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.” Also, when you want to apply for retirement benefits, you can do so using their online retirement application here.

You’re able to apply for your monthly retirement benefit as early as 62 years old. You can apply any time between age 62 and 70. The government calculates your payment by looking at how much money you’ve earned during your entire career. “The amount will be higher the longer you wait to apply, up until age 70,” they explain. “The timing is up to you and should be based on your own personal needs.” They also have a handy tool to estimate how much you’ll get when you apply at different ages. Find the tool here. They also have a chart here where you can look at various dates and see how much retirement you get if you were born in those years. Wow. I have a ways to go, looking at those dates.

So, how much do you need to retire? Let’s look at what some experts say and how to find out your needs.

  • It depends on when you want to retire

    The age you want to retire can have a massive impact on the amount you need to save. If you delay your retirement, it gives your savings longer to grow, and your Social Security benefit will be higher. So, the longer you can delay, the better. In other words, working longer will make it easier save enough money to retire.

  • What kind of retirement lifestyle do you want?

    Do you want to really live it up in your retirement, or will you be frugal? If you think your expenses might go up in your retirement, you have to save for it. But, if you plan to downsize, you can retire on less.

  • How much can you withdraw from savings each year?

    The AARP sources a 1998 study from Trinity College in Texas, which attempted to “find the most sustainable withdrawal rate from retirement savings accounts over various time periods.” In conclusion, the study stated that “an investor with a portfolio of 50 percent stocks and 50 percent bonds could withdraw 4 percent of the portfolio in the first year and adjust the withdrawal amount by the rate of inflation each subsequent year with little danger of running out of money before dying.”

  • Retirement calculator

    Fidelity has a handy calculator that will help you figure how how much you need to retire. First, they ask, what is your age? Then, what is the age you expect to retire? Finally, what do you think your lifestyle will be in retirement? Use their calculator HERE, and they’ll give you some useful estimates.

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