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 didn’t 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 ...
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 didn’t 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 I’m 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.
AARP? Whatever.
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.
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