By Carol Hymowitz - Sep 24, 2013
It seems like another life. At the height of his corporate career, Tom
Palome was pulling in a salary in the low six-figures and flying first
class on business trips to Europe.
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.
While Palome worked hard his entire career, paid off his mortgage and
put his kids through college, like most Americans he didn’t save enough
for retirement. Even many affluent baby boomers who are approaching the end of their careers haven’t come close to saving the 10 to 20 times their annual working income that investment experts say they’ll need to maintain their standard of living in old age.
For middle class households, with incomes ranging from the mid five to
low six figures, it’s especially grim. When the 2008 financial crisis
hit, 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
Moral of the Story: Must seriously plan for a good Retirement Income For Life!
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