Friday, October 02, 2009

The financial challenges of retirement

Wow, you gotta really feel for Ken Lewis. You know, he's the head honcho of Bank of America and he's retiring by the end of the year. While I don't know how much he makes at his job before he retires -- somewhere in the neighborhood of $28 million in '06 (but down to $10 million last year -- holy shit, that's a big drop!), I guess -- being a banker -- he's figured how he'll make it on only $9,590 in retirement. Oh, that's $9,590 per day!

I could give him some advice like, say, oh, maybe try to lay some of that aside. Like maybe start a savings account at Bank of America maybe; say, sock away $8,000 - $9,000 a day. Course, being out of work without the income he was accustomed to, laying $8-$9 thou aside a day may stretch him a little thin. But it's always wise to save little back for a rainy day. You never know.

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