Retirement lost: From six figures to fllippin' burgers - New York News

Retirement lost: From six figures to fllippin' burgers

Updated:
By Bloomberg video. Tom Palone's retirement includes flipping burgers at a golf club grill and demonstrating food at Sam's Club. By Bloomberg video. Tom Palone's retirement includes flipping burgers at a golf club grill and demonstrating food at Sam's Club.

By: Michael De Groote, Deseret News

There is something admirable about the independence and hard work of Tom Palome, a 77-year-old former vice president of marketing for Oral-B.

According to an article about retirement in Bloomberg, Palome "worked hard his entire career, paid off his mortgage and put his kids through college," but "like most Americans he didn't save enough for retirement."

Where Palome used to pull in six figures, he now flips burgers at a golf club grill and demonstrates food at Sam's Club.

"When the 2008 financial crisis hit," Bloomberg reports, "what little Palome had saved - $90,000 - took a beating and he suddenly found himself in need of cash to maintain his lifestyle. With years if not decades of life ahead of him, Palome took the jobs he could find."

Palome is not alone. Bloomberg said the median amount of money people age 55 to 64 had in their 401(k)s was $120,000 in 2011. That is just $30,000 more than Palome. Bloomberg says it isn't enough since it "will provide $4,800 a year, assuming seniors withdraw 4 percent annually, the amount recommended by retirement experts to ensure retirees don't run out of money in their lifetimes."

The Huffington Post's take is that Palome's story should "scare you into saving for retirement."

The Billfold.com says Palome's position is not all his own fault: "When his kids were 14 and 16, his life turned upside down after his wife was tragically killed in a car accident, and he went from an executive who traveled a lot for business to a single father who tried to hold everything together. … And yes, Palome also made other choices instead of diligently putting away money into a retirement fund: He funded his children's college education (folks, please fund your own retirement accounts before putting away money in a 529 college savings plan or another kind of savings plan for your children - they would rather have you be able to retire comfortably than working at 77). … He also provided financial help to his elderly parents. Palome was very generous to others, and not enough to himself. Even so, he could not have foreseen the financial crisis. It was bad luck and timing."

EMAIL: mdegroote@deseretnews.com

Twitter: @degroote

Facebook: facebook.com/madegroote


Original Post

Copyright 2013 Deseret Digital Media, Inc.

  • Local NewsLocal NewsMore>>

  • NY brothers invent machine that makes CPR easier

    NY brothers invent machine that makes CPR easier

    Tuesday, July 29 2014 6:40 PM EDT2014-07-29 22:40:57 GMT
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
    Only 10 percent of people who get CPR from a bystander actually survive. But two young men in Westchester County have now patented a device that could dramatically increase those odds and save lives. John and Chris DiCapua's sitting room in their parents' Westchester County home has had a unique guest lying around for quite a while now: a CPR dummy. What began as an idea from their time as Boy Scouts is now a device that could potentially save lives.
  • NYC stores with no signs feed curiosity

    NYC stores with no signs feed curiosity

    Tuesday, July 29 2014 6:31 PM EDT2014-07-29 22:31:37 GMT
    From coffee shops in Brooklyn to restaurants in Manhattan, we find speakeasies standing out by blending in. When people in Bushwick want a green machine juice blend they visit Leticia Castillo's Owl Juice Pub. But first they must find the owl. "We been doing fine without a sign," Castillo says.
    From coffee shops in Brooklyn to restaurants in Manhattan, we find speakeasies standing out by blending in. When people in Bushwick want a green machine juice blend they visit Leticia Castillo's Owl Juice Pub. But first they must find the owl. "We been doing fine without a sign," Castillo says.
  • Ex-Councilman Halloran quickly convicted in bribery plot

    Ex-Councilman Halloran quickly convicted in bribery plot

    Tuesday, July 29 2014 5:53 PM EDT2014-07-29 21:53:04 GMT
    A jury took only about 90 minutes Tuesday to convict former New York City Councilman Daniel Halloran of bribery charges in a scheme to buy a spot on the mayoral ballot for state Sen. Malcolm Smith. Halloran was also found guilty of taking payoffs from what he thought were developers who wanted him to funnel city money their way. The men were actually an FBI agent and an FBI informant.
    A jury took only about 90 minutes Tuesday to convict former New York City Councilman Daniel Halloran of bribery charges in a scheme to buy a spot on the mayoral ballot for state Sen. Malcolm Smith. Halloran was also found guilty of taking payoffs from what he thought were developers who wanted him to funnel city money their way. The men were actually an FBI agent and an FBI informant.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices