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 ...
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, it’s that he didn’t 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.
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