I wonder how it compares to the CEO of a multi-national corp. Isn't that
the way it should be compared rather than to the common man?
D.
On 28/02/2013 7:22 AM, Arthur Cordell wrote:
How the pope's retirement package compares to yours
* /by/A. Pawlowski, TODAY contributor
* Feb. 28, 2013
.
Michael Kappeler/EPA
By A. Pawlowski, TODAY contributor
It's good to be the pope -- even a retired one, it turns out.
*As Pope Benedict XVI steps down on Thursday, his retirement package
-- the first one the Vatican has had to prepare in almost 600 years --
would likely be considered a sweet deal by the average American
senior, providing a steady income and generous perks.*
Let's start with the basics: The pope emeritus will receive a monthly
pension of 2,500 euros, according to Italian newspaper La Stampa
<http://www.lastampa.it/2013/02/18/italia/cronache/nel-buen-retiro-in-vaticano-con-una-pensione-da-euro-JbEcXKSmhcFU8zOZlsnmKI/pagina.html>^1
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-1> .
That translates to almost $3,300, or close to the monthly maximum of
$3,350 that Social Security will pay to an American who retires this year.
Few people will actually qualify for that amount. For starters, you
would have to wait until 70 to retire
<http://www.ssa.gov/oact/cola/examplemax.html#fn3>^2
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-2> . You
would also have to spend most of your working life earning Social
Security's taxable maximum pay, which is set at $113,700 this year
<http://www.ssa.gov/planners/maxtax.htm>^3
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-3> .
"That's quite rare," said Richard Johnson, director of the program on
retirement policy at the Urban Institute.
He pointed out that the average Social Security check is about $1,200
a month --- not enough to pay for the typical American retiree's expenses.
"For most people, if you look at the median, Social Security counts
for about 40 percent of their income. So it's important, but people
rely a lot on other savings, like pensions or 401(k) savings," Johnson
said.
*A big nest egg is not something the pope emeritus has to worry about.
The Roman Catholic Church will cover his living expenses, provide him
with a spacious home inside the Vatican and pay for everything from
cooked meals to housekeepers, according to The Telegraph
<http://www.telegraph.co.uk/news/religion/the-pope/9877578/Pope-Benedect-XVI-to-receive-2150-pension.html>*^4
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-4> .
Such services are not available to the typical American senior, unless
he or she pays for an assisted living facility or resides in a nursing
home, Johnson said.
What about waiting to retire until 85, as Benedict did? The average
American retires at about 64, so working that long is unusual, Johnson
noted.
"If you have a job you love, it's great," he said.
"(But) just like the pope, the biggest determinant of retirement is
health status. When your health starts to deteriorate, that's what
often pushes people into retirement, sometimes earlier than expected."
Health care costs are one of the big risks that older Americans face,
and while Medicare pays for the bulk of their expenses, many things
are left uncovered, Johnson said*. Meanwhile, the pope emeritus will
continue to be a member of the Vatican's generous private health care
policy, the BBC reported
<http://www.bbc.co.uk/news/magazine-21585674>**^6
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-6> **.*
*Bottom line: rent-free living, few out-of-pocket expenses plus
thousands of dollars deposited into your account each month would
probably constitute a good deal in most people's minds.*
Of course, the pope is not most people. His financial health is of
such interest that it recently got the Saturday Night Live treatment
<http://www.nbc.com/saturday-night-live/video/retirement-ad/n32894/>^7
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-7> , with a
mock ad showing a worried Benedict surrounded by a pile of unpaid
bills and seeking the help of a financial planning firm called "Papal
Securities." Motto: "Because heaven can wait."
------------------------------------------------------------------------
References
1. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-1>according
to Italian newspaper La Stampa
<http://www.lastampa.it/2013/02/18/italia/cronache/nel-buen-retiro-in-vaticano-con-una-pensione-da-euro-JbEcXKSmhcFU8zOZlsnmKI/pagina.html>
(www.lastampa.it:80)(
http://www.lastampa.it/2013/02/18/italia/cronache/nel-buen-retiro-in-vaticano-con-una-pensione-da-euro-JbEcXKSmhcFU8zOZlsnmKI/pagina.html
)
2. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-2>wait
until 70 to retire
<http://www.ssa.gov/oact/cola/examplemax.html#fn3>
(www.ssa.gov:80)( http://www.ssa.gov/oact/cola/examplemax.html#fn3 )
3. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-3>which
is set at $113,700 this year
<http://www.ssa.gov/planners/maxtax.htm> (www.ssa.gov:80)(
http://www.ssa.gov/planners/maxtax.htm )
4. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-4>according
to The Telegraph
<http://www.telegraph.co.uk/news/religion/the-pope/9877578/Pope-Benedect-XVI-to-receive-2150-pension.html>
(www.telegraph.co.uk:80)(
http://www.telegraph.co.uk/news/religion/the-pope/9877578/Pope-Benedect-XVI-to-receive-2150-pension.html
)
5. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-5>Slideshow:
Pope Benedict's XVI's departure
<http://slideshow.nbcnews.com/slideshow/news/pope-benedict-xvis-departure-50969248/>
(slideshow.nbcnews.com:80)(
http://slideshow.nbcnews.com/slideshow/news/pope-benedict-xvis-departure-50969248/
)
6. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-6>the
BBC reported <http://www.bbc.co.uk/news/magazine-21585674>
(www.bbc.co.uk:80)( http://www.bbc.co.uk/news/magazine-21585674 )
7. ^
<http://www.readability.com/articles/eldtcuhu#rdb-footnote-link-7>Saturday
Night Live treatment
<http://www.nbc.com/saturday-night-live/video/retirement-ad/n32894/>
(www.nbc.com:80)(
http://www.nbc.com/saturday-night-live/video/retirement-ad/n32894/ )
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