He’s got 2 more years on his current contract for 18.6 million over 3 years. After 2 more years he could be a free agent as long as he doesn’t resign with the Cavs before that.katlander wrote: ↑March 6th, 2024, 10:34 amShooting and passing like that along with being one of the top defenders in the league should warrant some major $$$. Dean is the ultimate team guy but maybe it is time for him to get paid and become an everyday starter somewhere. Does the NBA have free agency?
let's start a thread about past players ...
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Puffdad
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Re: let's start a thread about past players ...
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tmcats
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$18.3 million. wow. it's amazing the value we place on athletes. given his cellmate, i can imagine that money will be wisely invested and they'll be set for life after just three years.
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Why is there something rather than nothing?
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katlander
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Pick 'Em
2If they end up with 12M at the end of the 3 years and simply invest it in 4% federal, state, intangibles and ATM exempt munis they will have annual tax free income of 480K. 40K per month. Probably will need to reinvest about one-quarter of this to provide for inflation. Very conservative approach but should keep the vultures away.
Probably better to diversify with munis, a variety of mutual funds and other long term investment vehicles with a proven track record and designed to deal with taxes and inflation.
Real estate is also a good way to go.
When he gets his new contract this all may look like small potatoes.
Also, I understand that long term NBA players get an amazing retirement package which is likely all that is needed to live well the rest of their lives.
Probably better to diversify with munis, a variety of mutual funds and other long term investment vehicles with a proven track record and designed to deal with taxes and inflation.
Real estate is also a good way to go.
When he gets his new contract this all may look like small potatoes.
Also, I understand that long term NBA players get an amazing retirement package which is likely all that is needed to live well the rest of their lives.
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tmcats
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since i don't watch the nba, i would not have known that. i'm actually more interested in their personal lives after leaving k-state.
Why is there something rather than nothing?
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stlcatfan
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I don't watch the NBA, either, which is why I'm glad there are posters here who keep us up-to-date on K-Staters in the NBA.
"Don't believe everything you read on the Internet." -- Abraham Lincoln
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katlander
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Pick 'Em
2What are the benefits for retired NBA players?
Before we get to answering this question, we need to cover how the NBA actually sets players up for a financially secure retirement while they are still actively playing. Beyond the already mentioned preference for guaranteed contracts in the league, the NBA also encourages players to invest in their 401K accounts by matching their contributions up to 140%.
Just like with the players who are new to the league, the NBA also provides educational sessions on managing personal finances to players who are newly retired. Now let’s get to the actual benefits for a retired player. We can split these into three main categories: college, healthcare, and pension.
1. College
Let’s start with college, which might seem a bit odd at first, at least until you don’t stop and think about the position these players are in. While most of them have spent at least a year in college, very few have actually earned a degree.
The top prospects were either one-and-done players or they skipped college entire to play in the G-League or even overseas for a year before declaring for the draft. Players who earn a standard 4-year degree are at least 22 years old when they graduate, and the teams aren’t exactly excited about rookies at that age because their ceilings aren’t considered to be that high. This translates to substantially lower career earnings. There are some exceptions to this, like Tim Duncan, but those cases are few and far between.
So you have plenty of guys with very little college education and some leftover money from their playing days that can evaporate over a few years if not managed properly, and no earning prospects outside of basketball, a sport they no longer play.
A college degree goes a long way toward either getting meaningful employment or managing your own business. That’s exactly why the NBA encourages retired players to go back to school and earn their degrees by reimbursing tuition fees up to $33,000 a year for eligible former players. This even covers players who want to obtain a Master’s degree in their chosen field.
College tuition reimbursement is a fairly recent addition to the benefits portfolio, and not all applications for reimbursement are accepted, but the program is viewed as a big success so far.
2. Healthcare
Next up is healthcare. Active players have access to some of the best medical professionals in the world, but once they retire, they’re on their own. This was the case with retired NBA players for a very long time.
One of the most high-profile examples was that of Earl Monroe, and NBA legend who needed over 40 surgeries after he retired. Both the NBA and the NBPA told him that they were not able to help him with astronomic medical costs. Fortunately, Earl was able to get insurance through the American Federation of Television and Radio Artists. But the only reason he qualified was because he had appeared in multiple commercials during his career.
Earl got lucky in that regard, but many other players weren’t as lucky. Moses Malone and Darryl Dawkins, two legendary centers, passed away in 2015 at 60 and 58, respectively, due to health issues. Their deaths reignited the topic of healthcare for retired NBA players, with Monroe being one of the more prominent supporters of the idea.
In 2016, the NBPA and the NBA introduced a plan that guaranteed lifetime health insurance for all players with at least three years of NBA experience. The plan also covered the immediate families of players with 10 or more years of NBA experience. And the health insurance plan doesn’t just cover basic healthcare, visits to mental health specialists are also covered.
The best part is the way years of experience are calculated. In order to have a year of experience, a player must be under contract for at least one game during the season. They don’t even have to be active for that game. If they’re under contract, it counts.
This level of coverage puts the NBA a cut above the other pro sports league, many of which don’t offer anything to their former players in terms of healthcare.
3. Pension Plan
Finally, we have the pensions, by far the oldest of all the benefits available to retired NBA players. Established in 1965, these pensions work pretty much as you’d expect. Once they reach the required age, players with enough years of experience in the NBA are eligible to start receiving monthly pension payments based on the number of months they spent in the NBA.
The amounts increased several times since they were first established, with the latest increase that raised payments by 50% coming in 2017. The costs of the pension program, including this latest pension fund increase, are split between the NBA and the NBPA.
The earliest players can start receiving this benefit is 45 years of age, but the payments for players who elect to start receiving pensions then will be reduced because they will be receiving them for longer on average. If they want to secure the highest possible payments, players should wait until the age of 62.
A 10+ year NBA veteran will get around $215k per year if they start receiving payments at 62. Players with three years of NBA experience will get around $57k annually if they start receiving them at age 62.
Before we get to answering this question, we need to cover how the NBA actually sets players up for a financially secure retirement while they are still actively playing. Beyond the already mentioned preference for guaranteed contracts in the league, the NBA also encourages players to invest in their 401K accounts by matching their contributions up to 140%.
Just like with the players who are new to the league, the NBA also provides educational sessions on managing personal finances to players who are newly retired. Now let’s get to the actual benefits for a retired player. We can split these into three main categories: college, healthcare, and pension.
1. College
Let’s start with college, which might seem a bit odd at first, at least until you don’t stop and think about the position these players are in. While most of them have spent at least a year in college, very few have actually earned a degree.
The top prospects were either one-and-done players or they skipped college entire to play in the G-League or even overseas for a year before declaring for the draft. Players who earn a standard 4-year degree are at least 22 years old when they graduate, and the teams aren’t exactly excited about rookies at that age because their ceilings aren’t considered to be that high. This translates to substantially lower career earnings. There are some exceptions to this, like Tim Duncan, but those cases are few and far between.
So you have plenty of guys with very little college education and some leftover money from their playing days that can evaporate over a few years if not managed properly, and no earning prospects outside of basketball, a sport they no longer play.
A college degree goes a long way toward either getting meaningful employment or managing your own business. That’s exactly why the NBA encourages retired players to go back to school and earn their degrees by reimbursing tuition fees up to $33,000 a year for eligible former players. This even covers players who want to obtain a Master’s degree in their chosen field.
College tuition reimbursement is a fairly recent addition to the benefits portfolio, and not all applications for reimbursement are accepted, but the program is viewed as a big success so far.
2. Healthcare
Next up is healthcare. Active players have access to some of the best medical professionals in the world, but once they retire, they’re on their own. This was the case with retired NBA players for a very long time.
One of the most high-profile examples was that of Earl Monroe, and NBA legend who needed over 40 surgeries after he retired. Both the NBA and the NBPA told him that they were not able to help him with astronomic medical costs. Fortunately, Earl was able to get insurance through the American Federation of Television and Radio Artists. But the only reason he qualified was because he had appeared in multiple commercials during his career.
Earl got lucky in that regard, but many other players weren’t as lucky. Moses Malone and Darryl Dawkins, two legendary centers, passed away in 2015 at 60 and 58, respectively, due to health issues. Their deaths reignited the topic of healthcare for retired NBA players, with Monroe being one of the more prominent supporters of the idea.
In 2016, the NBPA and the NBA introduced a plan that guaranteed lifetime health insurance for all players with at least three years of NBA experience. The plan also covered the immediate families of players with 10 or more years of NBA experience. And the health insurance plan doesn’t just cover basic healthcare, visits to mental health specialists are also covered.
The best part is the way years of experience are calculated. In order to have a year of experience, a player must be under contract for at least one game during the season. They don’t even have to be active for that game. If they’re under contract, it counts.
This level of coverage puts the NBA a cut above the other pro sports league, many of which don’t offer anything to their former players in terms of healthcare.
3. Pension Plan
Finally, we have the pensions, by far the oldest of all the benefits available to retired NBA players. Established in 1965, these pensions work pretty much as you’d expect. Once they reach the required age, players with enough years of experience in the NBA are eligible to start receiving monthly pension payments based on the number of months they spent in the NBA.
The amounts increased several times since they were first established, with the latest increase that raised payments by 50% coming in 2017. The costs of the pension program, including this latest pension fund increase, are split between the NBA and the NBPA.
The earliest players can start receiving this benefit is 45 years of age, but the payments for players who elect to start receiving pensions then will be reduced because they will be receiving them for longer on average. If they want to secure the highest possible payments, players should wait until the age of 62.
A 10+ year NBA veteran will get around $215k per year if they start receiving payments at 62. Players with three years of NBA experience will get around $57k annually if they start receiving them at age 62.
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SCKSCat
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Davion Bradford has re-entered the portal. Looks like he has been with the New Mexico Aggies. Bigs seem to find new homes. Small players who are not so good may not even hook up with a team and get no College education.
Hope Davion can find a home. Seemed like a nice kid when here at Manhattan.
Hope Davion can find a home. Seemed like a nice kid when here at Manhattan.
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Sir Ocelot
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Davion - Kansas State, Wake Forest (?), New Mexico and next stop.
Selton - I saw Selton Miguel playing in the South Florida vs. East Carolina game today.
He scored a lot of points (17) but he took a lot of shots (13) to get them. He played 24 minutes. Three for nine on three point shots.
He won sixth man of the year and most improved player in their conference.
https://www.wtsp.com/article/sports/abd ... 79a36a28a5
Selton - I saw Selton Miguel playing in the South Florida vs. East Carolina game today.
He scored a lot of points (17) but he took a lot of shots (13) to get them. He played 24 minutes. Three for nine on three point shots.
He won sixth man of the year and most improved player in their conference.
https://www.wtsp.com/article/sports/abd ... 79a36a28a5
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katlander
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Pick 'Em
2Weber's departure sent those kids on a roller coaster ride. I wonder how many would have remained Wildcats for their entire college experience?
