Boxing Pension Plan.

It should be done. They should have some kind of requirement that promoters contribute a percentage of the gate of each major boxing event to fund a pension fund for the fighters.

Eddie Mustafa Muhammad heads an excellent organization that has been working on these issues, JAB:

http://www.ringboyz.com/Eddiejab.htm

 

Here's another group that was apparently working on this. Some good info on this site:

http://www.boxers.org/

This document here is particularly interesting, as it shows some of the boxing greats who support this initiative:

http://www.boxers.org/UnionPetition.pdf

 

more importantly than a pension plan - teach these guys to be smart with their cash to begin with

 

I'm a big supporter of boxer unionization and the establishment of pension benefits. I think it's criminal the way these guys are taken advantage of to create profits for parasites like Don King or Bob Arum.

 

Every one wants one but nobody makes one

 

thumbsup

 

There are two types of body pushing for pension plans in the UK... they are The British Government and the Insurance \ Finance Companies.

The Government wants you to invest in a pension so that it doesn't have to give you anything when you retire, even though you were promissed one and paid national insurance for years. The people who don't work or don't pay in will probably get more in benefits than someone who doesn't have a pension.

The insurance companies and banks want you to invest because they get your money and make big profits from it. If you die early they keeps thousands in many cases.

The suits know pensions are bad for you and good for them so they come up with scare stories in the press about poverty in old age.

Even if pensions were good value in the first place the Government and Finance industry can rip you off again by:

Reducing or removing the tax free lump sum.
Increasing the retirement age.
Reducing and fixing annutiy rates.
Having an extra tax or additional tax on over 65's.

Pensions are another Tax on workers, with a share of the profits going to the Government and Insurance industry.

As an example, you put around £8000 into a pension and £10000 goes into the pot. They take charges out of this each year regardless of how well they do. This may take you a few years contributions to make £10k. When you retire, if you don't get a lump some you will probably get a pension that rises with inflation of £300 a year, which will be taxed.

So, after tax you get £240 a year for life, rising by a couple of % each year. Would you give someone £8000 of your hard earned cash for them to pay you back £20 a month for the rest of your life? Remember you could put the cash in and ISA or bank account and get more than the annuity rate in interest.

Financial knowledge and savings for boxers is good, but pensions are not always the best bet.

:good

 

This is why organization is necessary. If fans really want to support boxers, they should support organizations like JAB that are fighting to get them the benefits they deserve.

 

Boxers who make an excess of 3 million dollars over their career, free and clear of any other expense related to the sport(like Trainer, manager, promoter, etc.) have no excuse of being broke the second they retire. If they retire at 35, 3 million is a $75K per year paycheck until they are 75 years old. And that's without doing anything else in their entire life outside of watching the price is right and going to their kid's soccer game.

 

Do Holy & RJJ have money problems?

 

it'll never get done.. nobody wants to pay for it.. it should be the promoters and organizations that pay but they wont

:hat