Shaquille O'Neal has revealed how he intends to avoid going broke in retirement. On the Dinner Party podcast, the 54-year-old spoke about a retirement plan he says he designed specifically so that his wealth would be preserved after his sports career. He turns 55 in March, and according to his own words, he plans not to become poor.
According to him, the impetus came from the advice of a wealthy acquaintance. This person recommended that he keep most of the money and save around three quarters of it. Shaq followed this principle and invested his endorsement income in annuities. An annuity is an insurance product that provides regular payments over a set period.
The first payments from these contracts are scheduled for March 6, 2027. The payouts are planned in three stages, at ages 55, 60, and 65. Shaq estimates that at age 55 he could receive about 1,000,000 dollars per month. He described the annuities as a fallback in case his investments perform worse than expected.
The post that picks up these statements also covers other topics, including the financial advice surrounding Kobe Bryant. That story, however, is separate and is not part of Shaq's own plans.