Quote:
Originally Posted by kkingston57
Sounds like stories of pro athletes with at least 1 less zero. Suspect they also get SS which will get income in the 225K range. Person needs an hourly rate financial adviser.
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He is a now 90 years old retired PhD physicist and was a very bright man back in the day. I used to go deer hunting with him so I knew him pretty well. He has an incredible pension with CalPERS as he was a staff member of the University of California for most if not all of his professional life. Social Security was not deducted from his paycheck and I know that because I, too, was a staff member. He may have 40 QCs from other employment, I do not know. His wife, my brother's wife's sister, was a highly regarded public school teacher and has a pension. I do not know if she gets SS, either. I have not probed and was amazed when my brother told me all that he did.
It stunned my brother that they literally had spent every dime of income and had no cash in the bank to pay their taxes. He just could not believe it. My brother managed a state's pension fund for a few years and later on was employed by a couple hedge funds so I think he is up to the job of sorting out their finances but not for getting them to cooperate. I do not envy him this situation.