The Lucky Couch

The news can be difficult to watch but occasionally you come across a story that reinforces the good qualities in people that make you smile.couch photo

Just recently a bunch of college students picked up a couch at the local Salvation Army store.  They noticed that the couch was a bit bumpy in one area and were shocked to find $40,000 stuffed into one of the pillows.

It turned out that an elderly woman and her husband had hidden the money in the couch for thirty years.  Lucky for her, the college students searched her out and returned the money.  A good deed that reminds us that is always better to do the right thing as the money had been the life savings of an elderly woman.

This article reminds me of my Nana and one of the first posts that I wrote entitled “The Dresser Drawer”.  My Nana received a monthly social security check and each month my father would cash her check and give her the money in an envelope.  The envelope would be taken to her room and disappear into one of her many dresser drawers.

Many years later, my father asked her if he could go through her room and collect the money.  She agreed and needless to say the sum was quite staggering.

However, the real threat of keeping your money “safe” in a dresser drawer or couch is the decreasing purchasing power over time.  This real threat can be dealt with by having the correct financial plan in place in a diversified portfolio.  This will allow your money to keep up with inflation and allow you to have the purchasing power throughout your retirement.

The improved modern medical system has increased life expectancies and therefore, a retiring non-smoking married couple needs to plan for a 3 plus decade long retirement.  This reality requires an investment strategy based on preparing not just for your expenses, but the ever increasing cost of living.

Keeping your money “safe” may alter your ability to sustain your lifestyle through your retirement.  Instead, speak with a financial advisor on establishing a financial plan including a diversified portfolio to allow you to enjoy your retirement years in comfort.

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About Maureen Crimmins

Maureen Crimmins is co-founder of Crimmins Wealth Management and a fee-only independent financial advisor. Have a financial question? ASK MAUREEN

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