I was saddened to hear that Leonard Cohen, yet another famous Montrealer has passed on, but his music will leave a legacy that will live long past all of us.
Mr. Cohen, unfortunately, was also a victim of losing his retirement nest-egg. In 2005, the news of how Mr. Cohen’s retirement funds had disappeared, allegedly due to impropriety from a former manager came to the public eye. Mr. Cohen, lost over $5 million dollars, and was forced to go back to work. Luckily, Mr. Cohen’s talents allowed him to try to recover from this set back, however, it meant his retirement evaporated.
We are continually barraged with stories of athletes and celebrities who have lost their money, due to financial impropriety (or even worse, simple overspending), but don’t get too smug.
It is easy for us to say, this won’t happen to me, but as a former Nortel employee, many folks I worked with (and retirees that I know) have had to dramatically change their retirement plans due to the Nortel Pension (and Stock) collapse.