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.
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!
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.
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.
I wonder where he learned how to flip burgers.
>>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.
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.
AARP? Whatever.
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.
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...
This guy works two nearly full time job and he makes 1400 per month??
This is a joke right?
He’s taking 2 jobs away from minorities and illegals. He must be an evil republican!
Working two jobs, equaling nearly full time, and he only gets 1400 per month?
What is that after taxes?
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!
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.....
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.