A Really Smart Individual Saved Allen Iverson From Being Broke
There have been reports that he is broke and in debt because of jewelry purchases, and his NBA career is most likely done. He wants to play, but it takes two to tango.
It's really tough to step back and think about what happened to one of the biggest stars that ever played in the city of Philadelphia – in any sport. It all came crumbling down so quickly.
There is some positive news, though. According to Peter Vecsey of The New York Post, Iverson may not be broke after all:
A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
$1 million annually?! Jason Babin would sign AI up for government assistance.
A financial advisor deserves a huge pat on the back for this one.