Seems Drew Brees agrees with those who don't understand how NFL players can end up broke. And the retirees don't like it: Courthouse News Service I think he's right, but he's applying today's standards to guys who played a long time ago, when the money wasn't nearly what it is today. Problem is, coming up with some kind of declining pension scale that takes care of Huff's generation while leaving, say, Troy Aikmann's generation in the cold, ain't gonna happen.
The entire concept of a pension is one of the reasons the country is in the mess it is in today. Whether it's debt spending or pensions, the entire idea rests on the premise of enjoying the fruits and expecting others to pay for it down the road. Make as much as you can and save for lean times ahead. Don't start whining about this and that after you blow 2 mil making it rain on whores in da club. This entitlement culture is rotting this country.
I agree, but what I'm saying is, that line of thinking makes sense in today's NFL earning environment. Even the guys who are at the bottom of the salary scale make enough to create themselves a tidy nest egg if they are in the league 5 or more years. I think that's who Drew Brees is talking about. But when Sam Huff was playing, the salaries weren't nearly as out-of-proportion to real world earnings as they were today. Jerry Kramer, the Packers guard from the Lombardi era, who was a perennial All-Pro, wrote in one of his books about signing for $27,000 a year late in his career. Very good money for the time, but certainly not set-for-life money. But they took the same pounding and are now dealing with the same kind of health issues that a Jahri Evans will be looking at by the time he's in his 50's. Evans shouldn't need a pension a pension down the line if he's smart with his money.
Most people contribute their own money to their pensions. Sure, a lot of companies offer some type of $ match, but that is a benefit offered for the fruits of your labor. Unless I'm misunderstanding what you're trying to say, I fail to see how a pension is part of the entitlement culture and part of the reason the country is in such poor shape.
Huff has done some good and bad in his life, just like most people. Many helped him to what he is today. He should be thankful. Brees can say what he wants, he has earned that right. Doesn't make a bunch of what you earn, if you invest it right and spend it right, things fall into place.
I understand what you are saying fanatic. Maybe welfare, etc.. would have been a better example. However the type of pension the old players are talking about are probably defined benefit plans vs. defined contribution plans (401k's,etc.) Most older pensions required you to put up none of your own money. After a certain number of service years to the company you were vested and often entitled to lifetime benefits. Companies are phasing these type of pensions plans out because they are very costly to the firm. However, they still exist. Probably the most notable would be the military, which after 20 years of active duty gives you around 50% of your final pay for life. If you stick around longer you get a higher percentage. Although I didn't research it, perhaps Brees is saying these older players, instead of taking an annuity, or leaving the money for its intended purpose--retirement--withdrew it and spent it.
I agree T, most people shouldn't depend just on SS or a pension. This is where the Roth and 401K's come into play. Smart investing can keep you going for years. Many get bad investments, bad advice, greed, etc. that cuts into their savings. A slow steady rate of return could help many of these guys for years to come. Let me assure people that Drew knows what to do with his money and to plan for longevity. The smart people do. Many people take longer to plan for a vacation than they do for retirement. I tell people never work one day longer than you have to. Just like milk, you have an expiration date, we just don't know the date. Enjoy life, its the only one you're given.
If that's the case, then I agree with the OP. I just had never heard about that type of pension before. I've always had to contribute to my retirement plan.
