I remember the late and former heavyweight champion Joe Louis being reduced to shaking people's hands as a casino greeter in Las Vegas when he was old, trying to make money to pay the IRS back, who said he owed them big money from some of the purses he made in the ring.
Back in the old days (maybe it's the same now) lots of very shady characters would worm their way into boxers' lives and really take them to the cleaners....what started out as a lot of money for a fighter to make on a bout, by the time everyone took their cut, what was left for the fighter wasn't much. Then the government wanted taxes on the total purse from Louis, when he saw just a fraction of the money.
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