13 years into a secular bear in the stock market, with interest rates at 100 year lows–poor saving rates, stubborn debt and reckless financial advice–all have taken their toll on the longevity of retirement income just as drugs are keeping people alive well into their 80’s. This man thinks he should have gotten financial advice earlier…given the sales-driven focus of most financial advisers and investment firms…it is unlikely that would have helped him.
At the height of his corporate career Tom Palome was a vice president at Oral-B Laboratories, earning a salary in the low six-figures. Today the 77-year-old works two part-time jobs, at about $10 an hour, to support his retired lifestyle. Bloomberg’s Emmitt Henry reports.Here is a direct video link.