November 01, 2002
Life on a budget

I present to you an accounting of Jack Welch's monthly income and expenses. Life sure is sweet, isn't it?

What does the world's most famous retired CEO spend in an average month for food and beverages, including wine?

Answer: $8,982.

Clothes? $1,903. Gifts? $52,486.

These and other intimate details of the personal finances of Jack Welch, former chairman and chief executive of General Electric Co., spilled out this week in the latest episode of his divorce proceedings. In an eight-page financial affidavit filed in a Connecticut court, Welch offered a rare look into the lifestyle of a highly compensated executive.

Welch, who headed GE for 20 years before his retirement in September 2001, outwardly avoided an ostentatious public image and insisted that he didn't revel in his wealth. The affidavit totted up his personal assets at $456.2 million and revealed that his current total monthly income -- as a self-employed retiree -- is $1.41 million, after taxes. It placed his total monthly living expenses at $366,114.

The one that kills me is that Welch gets $1000 per month in Social Security payments, a total which exceeds his monthly charitable donations by about $400. Anyone else in favor of a cap on annual income for eligibility to receive Social Security payments?

Posted by Charles Kuffner on November 01, 2002 to Bidness | TrackBack

That is just wrong $1000 a month in SS. I don't believe there is even just cause to be giving that much in SS. That is as bad as paying the Presedent what he is paid after he is out of office. Something needs to be done to stop this, no wonder there isn't going to be any SS left in a few years.

Posted by: Cheryl on April 9, 2006 11:09 AM