As a professional basketball player, Paul Pierce has an impressive net worth of $45 million. He’s played in the NBA since he was drafted in 1998 and continues to be an active player today, now as a member of ESPN’s NBA broadcast team following his retirement from the league at the end of the 2016-17 season. And while it might seem like a comedown for someone who once made a reported $42.5 million playing basketball, it’s actually a pretty smart move by Pierce. Even retired NBA players don’t get to keep making that kind of money forever. And while they do have access to various post-retirement benefits – such as continuing their healthcare with the team they retired from and collecting up to 50% of their final season’s wages if they meet certain conditions – that isn’t much help when you’re no longer making those kinds of wages at all.
Paul Pierce’s Net Worth Through the Years
The total net worth of any individual can vary greatly depending on the source. Some companies will net out taxes, estate fees, and investment fees. Others won’t factor in taxes. It’s difficult to get a comprehensive look at an individual’s net worth. Additionally, an individual’s net worth can vary greatly from year to year, especially if their source of income changes. Paul Pierce is a 19-year veteran of the NBA. He made his first appearance in the league in 1998 when he was drafted by the Celtics as the 10th overall selection in the draft. He was a key part of the team’s success throughout this time. Paul remained with the team until 2013 when he was traded to the Brooklyn Nets. Paul played one season with the franchise before retiring from the league at the end of the 2016-17 season.
How Basketball Payout Works
The first thing to remember is that there is no pension or retirement plan in the NBA. For almost all former players. The money they made, while they were playing, will be gone by the time they reach age 60. If you’re making $10 million a year, you probably won’t be hurting for money in your 60s, but it’s also not a significant amount to rely on for the rest of your life. This means that NBA players need to make sure they’re in a position to earn retirement income well beyond the age of 60.
The first step is to secure any post-retirement healthcare benefits you might be entitled to as a former player. You can do this by contacting the league office with your request. The league will then reach out to the team you played for and make sure your benefits are in place. In many cases, you’ll be able to keep the same level of care you were receiving while you were playing – including access to discounted medical facilities and specialists.
Beyond Athletes: Coach, Manager, and Agent Fees
The next thing to factor in is that many former players will have to pay a percentage of their earnings to their former coaches, managers, and agents. However, this amount is capped at 10% of everything earned from the time the player turns 50 until the day he dies. Anything earned before the 50th birthday is not subject to this fee. This means that at any point from the age of 50 until their death, a former player will have to pay 10% of their earnings to the people who helped them build their basketball career. This is on top of the penalties that the IRS levies against those who fail to save for retirement.
Existing Endorsement Deals
Finally, you’ll have to consider the fact that you may have to share any existing endorsement deals with your former team. If you have a contract with a shoe manufacturer or a beverage company and you’re still getting paid for it at the age of 60. The company will likely have to share that money with your former team. This means that if you’re still making $10,000 a month from one of these deals. You’ll only get $7,500 of it. All of this is important because it shows that when someone like Paul Pierce retires from the NBA. He doesn’t just walk away with the millions he made during his playing career. He also has to account for the fact that he’ll probably have to pay some of it back.
ESPN pays its commentators an annual salary – a figure that’s rarely disclosed. The highest-paid commentator pulls in an estimated $3 million per year, with most other commentators earning an annual salary somewhere between $500,000 and $1 million. Regardless of how much you earn in one year, that’s a lot less than $42.5 million.
But it’s also not a one-time deal. It’s a salary for as long as you work for ESPN. Which could be years beyond when you’d be able to cash in on your NBA earnings. Paul Pierce is now in the final year of his three-year contract with ESPN. Once that contract ends, he’ll have earned a total of $7.5 million. That’s a lot less than he made playing in the NBA. But it’s also a lot more than most retired players make. And it’s a nice safety net should he need to rely on his earnings in the future.
Summing It Up
The net worth of a retired basketball player is often a lot less than it was when they were playing. The good news is that there are a few things you can do to make sure you’re prepared for this. First, make sure you secure the post-retirement healthcare benefits you’re entitled to as a player. This will ensure you’re covered in the event of injury or illness. Additionally, make sure to keep track of all your earnings as a player. This includes your salary and any endorsement deals you sign. Finally, think about what you’d like to do after you retire from basketball. You could take a job with ESPN, or you could look into coaching or managing younger players.