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>>

  • Dead cats found hanging from trees in Yonkers

    Dead cats found hanging from trees in Yonkers

    Thursday, April 24 2014 11:03 PM EDT2014-04-25 03:03:00 GMT
    SPCA of Westchester photoSPCA of Westchester photo
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
    Police are investigating the discovery of at least two dozen dead cats found inside plastic bags hanging from trees in Yonkers Thursday, according to the SPCA of Westchester. Some of the cats were badly decomposed but others appeared more recently killed.
  • Some residents return after NJ brush fires force evacuations

    Some residents return after NJ brush fires force evacuations

    Thursday, April 24 2014 10:42 PM EDT2014-04-25 02:42:55 GMT
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
    A school and many homes in Ocean County, N.J., were evacuated on Thursday afternoon because of several brush fires that were fanned by winds. Some residents returned a few hours later. The largest fires burned about 300 acres around Berkeley Township. Firefighters had about 30 percent contained late Thursday night.
  • 'Here Lies Love'

    'Here Lies Love'

    Thursday, April 24 2014 7:33 PM EDT2014-04-24 23:33:22 GMT
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
    "Here Lies Love" tells the rise and fall of former Philippines first lady Imelda Marcos. History meets disco literally as the story is told in a nightclub.Ruthie Ann Miles plays Marcos. Miles admits a big challenge is bringing to life a woman with views vastly different from her own and giving that to show-goers. "As an actor you believe in yourself," Miles says. "You need to be your own best friend, your own biggest supporter so that the audience can come on a journey with you."
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