It’s rare to hear about workers having a pension to look forward to. There are some that still remain, like employees of the government. If you manage to be one of the select that manage to have a pension, expect it to be less than your current salary. Imagine if your five-figure salary was actually six figures. Some people don’t have a six-figure salary to begin with, let alone have it as a pension. It all depends on your profession.
Major League Baseball players that have stayed in the game for the long haul are candidates for making nearly a quarter of a million dollars, every year, for their pension. The Society of Actuaries, a 60+ year old professional organization states that if you were one of the MLB players that played for 10 years or more, your annual pension would be $210,000, once you reached the age of 62.
What’s even more amazing is that the player’s previous salary doesn’t matter. Unlike your average worker, an unknown player that made the bare minimum in baseball will still bring in $210,000, every year. If you are a player in the league and you make at least $68,213, you are eligible for this “healthy pension”. In 2015, the league’s average salary was more than $4 million. This means that just about everyone would retire with a “fat pension”.
The team behind the big payoff is the Pension Committee of the MLB Benefit Plan. Their primary focus is securing pension funding for the professional athletes. The information comes from the most recent available data (2014). $210,000 is a tremendous amount of money for the average Major League fan, but the retired players may not view it the same way. One of those players is “Big Papi”.
Big Papi, also known as David Ortiz, accumulated $160 million during his 20-year career as a baseball player. Going from $8 million a year to $210,000 is a big difference. And Big Papi isn’t one of the major money-makers in the profession. There is one player, by the name of Alex Rodriguez, who tripled Papi’s income. At 41 years of age, the New York Yankees star is expected to make $480 million in his career. According to Forbes, this large sum of money is a combination of endorsements, incentives, and bonuses. And, this accumulation includes a year that Rodriguez didn’t play, due to the use of performance-enhancing drugs that led to his one-year suspension.