The age of 55 means 10 years away from retirement for many and a time when a lot of folks start worrying about having enough money after the payroll checks stop rolling in.
It doesn’t seem like Allen Iverson has to worry about that because he’ll receive a $32 million trust fund payment from Reebok when he turns 55. Iverson, who retired from the NBA in 2010, turned 45 years old on Sunday, June 7, so he’s just 10 years away from the age he’s set to receive that huge payout.
The money is part of a lifetime deal that Iverson signed with the athletic wear company in 2001 when former CEO Paul Fireman was with the brand. It was the same year the Hall of Fame point guard was named league MVP and helped the Philadelphia 76ers reach the NBA Finals.
Reebok, acquired by Adidas in 2005, currently pays Iverson an annual salary of $800,000, which he’s been receiving since the start of the deal. He still releases products under Reebok and makes appearances for the company.
In 2018, Reebok CEO Matt O’Toole talked about the high six-figure salary and said Iverson is worth every cent.
“He’s an iconic personality,” said O’Toole on the Bloomberg Business of Sports podcast. “Let’s get on a plane to Shanghai together. You bring Allen Iverson into a market like that. I’ll stand firmly that he has a big place in basketball and sports history. He’s relevant for a lot of our consumers.”
O’Toole added, “He has a place in our heritage, and there is a group of consumers who want to connect to that. He’s relevant for a lot of our consumers.”
Iverson started working with Reebok after he became the first overall pick in the 1996 NBA draft and his Reebok Question shoe was released. The Hampton, Virginia, native won the rookie of the year award during that 1996 to 1997 season.
During his career, he played twice for the Sixers, first from 1996 to 2006, then in the 2009 to 2010 season. He also played for the Denver Nuggets, Detroit Pistons, Memphis Grizzlies, and Beşiktaş Basketbol in Turkey.
Earlier this year, Reebok released the Origins Pack that will include two new signature Allen Iverson sneakers, the Answer V and Question Mid. To celebrate the launch, Reebok announced it will pay college application fees for rising seniors — totaling more than 400 — at Iverson’s alma mater, Bethel High School in Hampton, Virginia.