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Former VP flips burgers in retirement
UK Mail Online ^ | Sept 23, 2013 | not stated

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 ...


TOPICS: Business/Economy; Society
KEYWORDS: retirement; savings
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To: Buffalo Head

Whoa! At the risk of intrusion how did you manage that?


61 posted on 09/29/2013 7:32:13 PM PDT by jmacusa (If you're always looking back to yesterday you can't see tomorrow.)
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To: jmacusa

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.


62 posted on 09/29/2013 7:33:29 PM PDT by Joan Kerrey
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To: Joan Kerrey

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.


63 posted on 09/29/2013 7:36:19 PM PDT by Duchess47 ("One day I will leave this world and dream myself to Reality" Crazy Horse)
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To: luvbach1
SS has COLA (cost of living increases. Since 1998 SS benefits have increased every year except 2010 and 2011. Of course I am using 1998 which would be the earliest yr this guy could have retired. It also assumes he maxed out his SS every year. I think the author of this article has an agenda....
January 1998 — 2.1%
January 1999 — 1.3%
January 2000 — 2.5%(1)
January 2001 — 3.5%
January 2002 — 2.6%
January 2003 — 1.4%
January 2004 — 2.1%
January 2005 — 2.7%
January 2006 — 4.1%
January 2007 — 3.3%
January 2008 — 2.3%
January 2009 — 5.8%
January 2010 — 0.0%
January 2011 — 0.0%
January 2012 — 3.6%
January 2013 — 1.7%
64 posted on 09/29/2013 7:38:18 PM PDT by martinidon
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To: Innovative
Palome receives $1,200 from Social Security and a $600 a month pension from his last corporate job

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?

65 posted on 09/29/2013 7:41:41 PM PDT by The Cajun (Sarah Palin, Mark Levin, Ted Cruz......Nuff said.)
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To: All

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!


66 posted on 09/29/2013 7:41:42 PM PDT by Rodney Dangerfield (Ask the MSM about Christopher Newsom and Channon Christian. Observe the subsequent blank stares.)
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To: ontap

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.


67 posted on 09/29/2013 7:43:10 PM PDT by rdcbn
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To: Eric in the Ozarks

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.


68 posted on 09/29/2013 7:43:47 PM PDT by Mastador1 (I'll take a bad dog over a good politician any day!)
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To: Fzob
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.

Same here. By law I'm going to have to take out more from my ira than 600 a month. Pension? What is that?

Something is very wrong with this story.
69 posted on 09/29/2013 7:44:02 PM PDT by PA Engineer (Liberate America from the Occupation Media. No Blood For Ego!)
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To: The Cajun

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!!!


70 posted on 09/29/2013 7:45:01 PM PDT by ontap (***)
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To: martinidon

As I said, it does not increase every year. Yes, it does most years, however miniscule the increase.


71 posted on 09/29/2013 7:47:27 PM PDT by luvbach1 (We are finished.)
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To: Joan Kerrey
Guess I'm going to have to sit down and really go over this. Time is drawing nigh when I'll be eligible. Man, where did the time go, eh?
72 posted on 09/29/2013 7:47:56 PM PDT by jmacusa
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To: jmacusa

12 hours a day ,six and seven days a week.....goes fast when you’re having fun!!!


73 posted on 09/29/2013 7:49:29 PM PDT by ontap (***)
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To: Innovative

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.....


74 posted on 09/29/2013 7:50:02 PM PDT by Vermont Lt (Quis custodiet ipsos custodes? Who will watch the watchers?)
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To: jmacusa

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.


75 posted on 09/29/2013 7:52:53 PM PDT by Vermont Lt (Quis custodiet ipsos custodes? Who will watch the watchers?)
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To: Revolting cat!
Biden Build-A-Burger connection PING!


76 posted on 09/29/2013 7:54:32 PM PDT by a fool in paradise (America 2013 - STUCK ON STUPID)
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To: Rodney Dangerfield
I didn’t read the entire article, but I believe he is working two PT jobs, not FT jobs.

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...

77 posted on 09/29/2013 7:55:30 PM PDT by dragnet2 (Diversion and evasion are tools of deceit)
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To: Innovative

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.


78 posted on 09/29/2013 7:55:32 PM PDT by Venturer ( cowardice posturing as tolerance =political correctness)
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To: Innovative
“Of course saving pre-tax such as in a 401K or IRA is the best way.”

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.

79 posted on 09/29/2013 8:15:25 PM PDT by MichaelCorleone (Jesus Christ is not a religion. He's the Truth.)
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To: Vermont Lt

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...


80 posted on 09/29/2013 8:16:45 PM PDT by Rodney Dangerfield (Ask the MSM about Christopher Newsom and Channon Christian. Observe the subsequent blank stares.)
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