O. J. Simpson’s Financial Situation
O. J. Simpson was once worth an estimated $11 million, according to Bankrate. The NFL legend has been enjoying life after his release from prison in 2017. However, it seems, O. J. Simpson may not have enough money to live the lavish lifestyle he prefers. According to Bankrate, when he divorced Nicole Brown Simpson in 1992, he was worth $10.8 million. His wealth dwindled after the “trial of the century” when he was ordered to pay $33.5 million for wrongful death to the Goldman’s family.
More than two decades later, his estimated net worth is $3 million from pensions, according to Celebrity Net Worth. O. J. Simpson earns a significant percentage of his net worth from retirement plans, and these plans have asset protection benefits, according to Wealth Management.
“In the event of a personal bankruptcy or legal liability, certain retirement assets can remain protected from creditors.”
Simpson has a pension plan from the NFL valued at $4 million which cannot be touched by the Goldman and Brown families. The families won a $33.5 million liability suit against O. J. Simpson in 1997. Simpson has not paid the damages and owes $58 million, according to Reuters.
O. J. Simpson’s actual net worth is unclear, but Sports Illustrated reported in 2017 that his NFL pension could pay $25,000 monthly, up to $300,000 per annum. USA Today also reports that he should be collecting an undisclosed sum from a Screen Actors Guild’s pension. CNN Money reports that Simpson will be eligible for social security payments of up to $3,538 monthly, up to $42,000 per annum after his release from prison in 2017.
Simpson’s pensions are protected from creditors, but other sources of income may not be. His current financial situation may be enough to give him a comfortable life in Florida without paying his debts. However, a lawyer for the Goldman family, David Cook, has promised to force Simpson to pay his debt with any income not protected by law.
This implies that Simpson will pay his creditors with any income generated from his celebrity status or other sources. Simpson will have some difficult choices to make because making more money outside of his pension means he will be forced to pay creditors. But the risk of earning extra money could be persuasive if it can offset his debts and increase his net worth significantly.
Simpson has to choose between living a comfortable life by managing the reasonable income he gets through his pensions or earning enough to pay his creditors and improve his current lifestyle. All this is possible if he continues to stay out of trouble.
[Featured Image by Jason Bean/Pool/Getty Images]
