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This Story Of A 77-Year-Old Man Will Terrify You About Retirement (TEXT and VIDEO)


Society & Culture  (tags: Americans, retirement, society, culture, ethics, sadness, rights, humans, news )

Carrie
- 288 days ago - bloomberg.com
Today, the 77-year-old former vice president of marketing for Oral-B juggles two part-time jobs: one as a $10-an-hour food demonstrator at Sam's Club, the other flipping burgers and serving drinks at a golf club grill for slightly more than minimum wage.



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Comments

Sue Matheson (68)
Monday September 23, 2013, 2:03 pm
noted
 

Birgit W. (140)
Monday September 23, 2013, 3:42 pm
Poor baby, he certainly had a very high income plus bonuses and a company car as a former vice president. If he did not pay for his retirement that is his own fault. What about all the people who earned through their whole life only $10.00 per hour? How can they survive?
 

Jennifer C. (172)
Monday September 23, 2013, 5:08 pm
Thanks.
 

Linda Moore (214)
Monday September 23, 2013, 5:32 pm
Thanks. I think.
 

Esther Z. (101)
Monday September 23, 2013, 6:39 pm
Aside from not saving enough for his retirement, Mr. Palome also made two really bad decisions. One was selling his home for 180,000. Was the real state market depressed when he sold his home, to get such a small amount for his home? The second mistake was he invested his SAVINGS in mostly stocks. The stock market is a crap shoot, even for those who consider themselves professionals. You never invest your savings, especially when you're nearing retirement. You only invest money you can afford to lose, a percentage of discretionary income, and only if you know how the markets work, and have some educational framework to help you make the right decisions.
Still, based on Mr. Palome's profile, even if he had never sold his home and not lost more than 50 percent of his savings, he might still had to get a small part time job, just to maintain his lifestyle, and based on his personality, just to keep busy and socially active.
I'm afraid more baby boomers aren't going to be so lucky; more will have to compete with teenagers and college graduates who can't find jobs, and all those workers who are displaced by regulations and corporate practices that have killed the manufacturing sector. This profile paints a very bleak picture of what's to come for many baby boomers.
 

HELEN V. (51)
Tuesday September 24, 2013, 3:06 am
I admire this man's attitude and belief in himself and life in general. Despite the hardships he faces at this age, this man is truly living life to the full. hats off to him.
 

Jonathan Harper (0)
Tuesday September 24, 2013, 4:23 am
Noted
 

cecily w. (0)
Tuesday September 24, 2013, 5:26 am
I'm almost 71. Back in my 40s, I read a book called "Die Broke", and based my financial "strategy" on that. I do have retirement savings and social security, and a good medigap from my husband's union (at least for now). BUT the key is that way back then I began to minimalize and simplify. The secret is detaching from some things before you get to the point you have to. I do work a bit, but it's because I want to not because I have to.
 

Lindsay Kemp (1)
Tuesday September 24, 2013, 6:10 am
Noted
 

. (0)
Tuesday September 24, 2013, 7:13 am
Great article, Carrie. Thanks for sharing.
 

Monika Ka (11)
Tuesday September 24, 2013, 9:43 am
Thanks.
 

Michael Kirkby (83)
Tuesday September 24, 2013, 10:22 am
Noted. Mine are all tied up in mutuals and Canadian Bond Index Funds.
 

Dandelion G. (374)
Tuesday September 24, 2013, 10:30 am
I agree with Birgit, he started off in a better place than most who never have made that type of money. I do not know how people can save for retirement when they do not even make a living wage today. Baby boomers will be faced with terrible futures due to a rigged economy that stole many of their retirement plans from under them, the forced early retirement many had to take, inflation, loss of equity in their homes, and higher costs of medical care all take away from being able to live beyond just survival for most.

I hate to think of what the upcoming generations will be doing, they are working for less and less, and longer hours. They costs go up, college is out of reach for many, the future doesn't look good. We need a true People Movement as the economic system is rigged towards only a few doing well at the expense of the many.
 

Jeremy S. (2)
Tuesday September 24, 2013, 2:03 pm
I'm afraid Dandelion G. is right--generations to come will be in an even worse situation, with finances in an even worse state, thanks to the mistakes of today. In no way am I suggesting a 1789-style revolution, but we do need to get our governments to pat attention to the needs of all classes!
 

marie tc (165)
Tuesday September 24, 2013, 3:33 pm
Yes Dandelion USA has shocked me on more than one occasion how they treat not only OAP's but children sick in fact everyone.
I do admire this old fellow he is out there trying but very sad
Thanks for posting Carrie
 

june t. (62)
Tuesday September 24, 2013, 9:26 pm
So many forces today are against the average person.
 
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