Over 600 pro golfers currently have more than $1 million in their retirement plans, and some have significantly more
Most professional sports leagues have very generous retirement plans for athletes. In the NFL, for example, each player can put more than $40,000 a year in their 401 when the team match is factored in. But golf’s PGA Tour seems to enrich athletes the most: .
Currently over 600 golfers have more $1 million in their retirement funds, and 114 have over $3 million. These include golfers on both the PGA Tour and PGA Tour Champions, a senior golf tour. Price says the “cuts” plan has been around since 1983, and the bonus plan since 1999. The latter changed its name to the FedEx Player Bonus Plan in 2007. The amount of money available to players changes each year; it’s determined by a policy board, which has players and independent directors on it.Because golfers on tour are considered independent contractors, the PGA Tour can’t just put money into a retirement account for them, and has to use deferred compensation plans, Price says.
Echoing the thoughts of many younger people about how far off retirement can seem, Tiger Woods quipped in 2007 : “I may be dead by the time my retirement fund comes around for me to be able to utilize it.”
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