A person with a firm grip on the situation informs me Iverson has an account worth $32 million, a principal he is prohibited from touching until 55. In the meantime, it feeds him $1 million annually.
At 45, Iverson is eligible to start drawing on an NBA pension that maxes out at 10 years of active duty, or take whatever’s there as lump sum. He will be entitled roughly to $8,000 per month ($800 per x 10).
If at all possible, Iverson will issue a restraining order against himself until he’s 62 or so. At that time, I’m told, his lump sum will be between $1.5 million and $1.8 million, or he can elect to take monthly checks of approximately $14,000 per.
T $32 million is known as the “Reebok fund” among Iverson’s friends, because the money came from shoe deals.
Now, living with in those means may be a challenge for Iverson. But someone had the foresight to protect the man from himself, and that is going to save him. That is what a true friend does.