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 ...
Whoa! At the risk of intrusion how did you manage that?
I couldn’t be mistaken but $1,200 a month from Soc.Sec. is pretty good. I think that’s the maximum.
$1,200 is not the max. If he was a corporate exec the last years of his working life, $1,200 is low and $600 is a low pension amount. I started drawing early at 62 years old and my SS is considerably more than his and I wasn’t a corporate executive. I just made a decent wage, not 6 figure.
It may be that his last job was government, city, county, state. The pension could be from that and by collecting that, his social security is greatly reduced.
Smells bogus, very bogus.
$1200 a month SS, sounds way too low.
$600 a month pension, what the hell was he VP of, a lemonade stand?
I didn’t read the entire article, but I believe he is working two PT jobs, not FT jobs.
I believe the monthly max for SS benefits are around $2500 per month or so.
If he starting collecting at an earlier age than 70, then he doesn’t receive full SS benefits.
I plan to start collecting SS at age 62, but will only get about 70% of the money if I wait until I’m 70
I’ll take 30% less and move to a country that has a much lower cost of living and spend my final years on a nice beach instead of flipping burgers.
Then again, our country might go bankrupt and I’ll have to try to work until I drop dead.
What an Obamanation!
Could be a“Hot 25 Year Old first Trophy Wife Effect” is why he is where he is!!!!
Combined with the “Disgruntled, Dumped First Wife Effect”
Those two effects have combined to take down countless successful wealthy, successful middle age male execs
OSHA should list it as an occupational hazard.
Yeah something wrong, my dad worked as a machinist for thirty years, retired twenty five years ago and his social this year was 1600 before medicare.
Says he was a top marketing executive. Could be he was an independent contractor and low balled his contributions thinking he wouldn’t need SS!!!
As I said, it does not increase every year. Yes, it does most years, however miniscule the increase.
12 hours a day ,six and seven days a week.....goes fast when you’re having fun!!!
I was an executive for about twenty years. I left to run my own business.
But I did not leave until I was vested and invested to get us through retirement. If all this guy has is a $600 pension plus SS, he is not a very smart guy.
I am set for retirement in my mid fifties. I just have to get there.....
No....my MIL got more than that and she was a “factory” worker. Never made more than $35 k a year. Good, honest work. But she was not a high wage earner...and she gets more than $1200.
Uh...at 10 per hour making 1400 per month is nearly 40 hours..In other words he's working close to full time hours in two jobs, and making 1400 bucks per month...
There is no way in hell anyone can live off savings when they are paying 0.10% interest.
All you can do is eat into the principal.
Until it isn't.
Uncle Sam is salivating over the 19 billions in American retirement accounts, as it becomes increasingly difficult to finance the deficits with foreign money. People who follow these things say it is inevitable.
Vermont LT, how long did your MIL work/contribute into SS?
I believe the magic number is 35 years of contributing to the SS fund and if someone contributes less than 35 years, such as being self-employed, etc...then your SS benefits pay significantly less as does retiring before the age of 70
The longer someone works and the closer they are to age 70 will get most people their max. benefits but I’d rather cash in at age 62 and live in a country that has a much lower cost of living, or even to another part of the country that has a lower cost of living.
I live in the SF Bay Area (Marin County) and the cost of living here is ridiculous.
I get a yearly statement for SS showing how much I have paid in, my yearly earnings, how much I should expect to receive in monthly benefits, etc...
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