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Ice-T plans to create retirement fund for rappers

OHMYGOSSIP — Ice-T wants to create a retirement fund for ageing rappers.
The 62-year-old star has floated the idea of creating a fund after Swizz Beats brought up the concept earlier this month, when he suggested developing a scheme that supports rappers who need financial support during their retirement.
Speaking to HipHopDX, Ice-T shared: “I’ve always looked out for people like [Grandmaster] Caz and [Melle] Mel – those have been my friends.
“I don’t have a problem with it. I don’t expect the young kids to be involved in it, but then you do have enough people like myself and Swizz and people who have been very successful, you know?
“There’s no retirement for rappers. There is nothing. A lot of them have fallen on hard times.”
Ice-T explained that some of the earliest rap stars never actually made much money during their careers.
Consequently, they may now need financial support as they head towards retirement.
He said: “The first generation of rap is unrecorded rap. It’s before records. So all the hip hop that happened in the streets, it was only on cassette tapes. That’s the first generation.
“By the time people heard Melle Mel, [Grandmaster Flash &] the Furious Five, Sugarhill Gang, hip hop was already a culture. So, how far do you go back? I mean, Run-DMC was like the first rap group to get paid.
“I think there should be some kind of an insurance plan something people can donate to. See, certain people from that era are OK. Like, I’m OK, Chuck D’s OK. Russell [Simmons] is OK. Jay-Z’s OK. Puff’s OK. LL’s OK. There’s a lot of people that are OK, but a lot of people aren’t.
“It’s worth investigating. I would be part of it. I definitely would donate.”

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