Skip to comments.Former VP flips burgers in retirement
Posted on 09/29/2013 6:34:25 PM PDT by Innovative
Tom Palome, 77, was once a top marketing executive earning six figures and traveling first class He worked hard to pay off his mortgage and put his kids through college, but like most Americans didnt save enough Now retired, he works two $10 an hour jobs to supplement his income
Palome receives $1,200 from Social Security and a $600 a month pension from his last corporate job. Still, his $1,400 in monthly wages allows him to bolster his savings and provides for some extras.
He goes to the theater, pays for plane tickets to visit his children and grandsons and takes occasional vacations.
(Excerpt) Read more at dailymail.co.uk ...
Obviously the moral of the story is however much you make while working, figure out your expenses so you can save some it. Time goes by faster than you think. Of course saving pre-tax such as in a 401K or IRA is the best way.
Kudos to him. Sounds like he works enough to make a little spending money and is probably enjoying it. May even pick up another language from his co-workers. Great work ethic...you do whatever it takes, no matter your age.
“If Palome has one regret, its that he didnt get better retirement investing advice somewhere along the line. I thought I could do it on my own,’ he said.”
A word to the wise... save, preferably in pre-tax account. This guy also lost half of his $80,000 in the “financial crisis” in 2008 — of course if he had been diversified, he wouldn’t have lost that much and would have already recovered what he lost, but he also thought he is smarter than anyone else and look where he ended up.
If he made the big bucks, $1,200 monthly Social Security seems low...
’ Sounds like he works enough to make a little spending money and is probably enjoying it. ‘
I agree — that part is fine, it works for him.
But the article is trying to make us feel sorry for him — he should have and could have saved, but didn’t, he could live modestly on SS and his retirement pension, but chooses to work to be able to do and spend more. There is nothing wrong with that, but I am not crying my eyes out over this guy.
I would figure too that he should be getting at least $2000+ in SS with the high income he had while working.
What’s the big deal? He’s healthy, he’s working, he’s using his income the way he wants.
Who says older people should be idle? Let him come over here and I’ll kick him in the knee!
Yup. Something’s not right with this story.
Kudos to him. He’s not ashamed that he’s working and the best part: he’s not a lazy, useless, POS leech like these EBT and obama phone owners who refuse to work and depend on the gubmint’ for their goodies.
I agree, wonder what age he began payments?
Sorry, meant to say ‘’ I could be mistaken..’’
Even if at 62, he should be getting a lot more than $1200/mo.....if he really WAS making the big bucks.
What is the moral of this story?
Guy seems fine.
Is he getting a six figure retirement?
Didn’t plan for it but, seems to be very able to travel.
The $1200/mo is NOT the maximum — I don’t know what the max is, but you can get at least twice that.
Agree, I just started this year at 65, getting $24XX per mo.
I was pretty much over the withholding limit every year from the time I left college.
Really? I thought the most was around $1,400. I’ve never given Soc. Sec. much thought even though I should since I’m just five years away from being sixty-two. I always assumed from what I’ve been told all these years it was going broke.
I wonder where he learned how to flip burgers.
I think that at 62 you get much less, than if you wait until 65 or 66.
If you read the story, he’s actually working the snack bar at a country club - not exactly McDonalds.
For sure. I was not a VP, but my SS and my company pension are both considerably more than the article quotes. Something missing somewhere. My late wife, who had only front-line RN jobs, got more SS too. And we both retired around age 62, so didn't get the maximum.
I don’t think I paid off SS after the early 80s, retired in 99 and took SS at 62 in 06.....and I get a bit more than $1200.
I earn nowhere near the maximum income that can be taxed for SS (not Medicare tax). The statement I receive each year suggests my retirement income will be about $2200 if I retire at age 66 and about $2800 if I retire at age 70.
$1200 a month is possible if he started taking SS at age 62.
But something does not seem right. Maybe he ended his career at six figures say $120,000 but how much did he earn during his career.
>>Tom Palome, 77, was once a top marketing executive earning six figures and traveling first class He worked hard to pay off his mortgage and put his kids through college, but like most Americans didnt save enough<<
Stupid smart guy.
He never heard of a reverse mortgage? if was making 6 figures he should have 7 figures in savings (401ks have been around a long time).
He had his fun and blew his wad. Now he gets to retroactively pay for the cars, exotic vacations and fancy homes.
Sounds OK to me. If he keels over on the job, he wins.
The rest of us will just be our stupid ant-selves and do without (or be judicious in our fun now) to save for later.
Note: Anyone under 55 who has not put ZERO in their Social Security bucket assumption for retirement is a fool. If I get it, great, I will use it for hats or a leisure suit collection. If not, my plans don’t change.
When I retire I’m going to stand at freeway offramps with signs begging for money. I hear those guys make hundreds per day.
Maybe he was exaggerating his salary, or maybe it didn’t last too many years.
Yes, I know that. They want to work until you almost drop before you collect. And even at that you’re still not done. The wife and I will still be working and collecting. Can’t afford not to.
I don’t know about the rampers, but the panhandlers in downtown Indy make way more than min wage. I’ve seen several of them give “anonymous” interviews where they show the daily haul.
“When I retire Im going to stand at freeway offramps with signs begging for money. I hear those guys make hundreds per day.”
For sure - - I read articles about those who stand there in rags, then go around the corner, get into their nice car and drive to the nice house they own.
Something smells a little fishy here. I am about 12 years from retirement and my SS will be at least twice the figure he is stating. Plus a $600/month pension sounds pretty small depending on how long he worked at the company.
Yeah, something’s not right with the story.
He’s doing just fine. He can eat the food he presents. Second, he’s single. At his are there are more widows out there with leftover $$$ from their work-2-death husbands. He could make big bucks as a giggolo. All it takes is a viagra prescription.
In 12 years you’ll be lucky to get anything close to what they are promising now - at least in value.
I truly expect the federal debt implosion will happen by then.
True, I don’t actually expect to get anything and have planned my retirement assuming that.
It would depend on he got into the executive class. Some people don’t get there unto they are in their 50’s
Yeah, there is something off here.
I worked for a non-profit for just under 18 years before I lost my job last year. I never broke $37,000 a year.
My estimated Social Security check will be $1,132 a month. How he is only getting $1,200 a month is... odd.
It is going broke like almost everything else the government funds. Especially now with a tremendous bulge in the nnumber of those becoming eligible for SS (the baby boomers). It's all been borrowed money for many years.
I’ve been retired almost three years.....I’ve gotten way to lazy to beg for money!!!!
He made six figures and had eighty grand at age 72?
He just wasn’t trying very hard.
$1200/mo Social Security? Like others, this smells like BS to me.
$1200 a month in SS and another $600 a month from his pension?
He could be living like a King on a nice beach in the Philippines or Thailand instead of working two jobs just to get by on in the US
I’m just joking.....I think?
I’ve heard Belize is rather nice!!
I am friends with a widow who has much more money than I. Maybe she's an anomaly or maybe we both are. I'm not interested in her money but she does "go dutch" to help me out. And she's not interested in the benefits of Viagra.
I assiduously avoid giving anything to beggers.
I was told these jobs were for teenagers??
And that the franchises owners have a right to their profits and the customers have a right to cheap fast food slop...A win win for all except the poor slobs working at these places who apparently have the right to qualify for food stamps...
SS does not have annual increases. Increases are based on some arcane determination of cost of living increases.
Yup. Somethings not right with this story.
Have you considered the “Hot 25 Year Old Second Trophy Wife Effect”?
Gets ‘em every time
My last increase came to about $2.54. I’m still trying to figure out what to spend it on. Maybe a cruise....to the next block!!!
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