Dane Bramage
SWA Captain
- Joined
- Jan 7, 2006
- Posts
- 24
Furloughed Guy:
You stated: "...we make your quarterly earnings in a week or so." I take it you are flying for UPS...good for you and congratulations on what sounds like a fair TA. I also work for a great company and will hopefully be happy with our TA in a year or two.
A few facts to bring some sense to this discussion. First, our retirement funding is via 401K and profit-sharing. For this year (2006), SWA will contribute over $28,000 to these vehicles for me. I, of course, will also contribute $15,000 to my 401K (before taxes). That is a decent contribution on their part and will be even larger next year due to vastly increased profits and salary. I routinely move my retirement funds around to maximize returns. I have total control of every penny...it belongs solely to me.
Stock options play a role in our compensation as well. Some guys cash out immediately, but I prefer to wait until the time is right. This year, I will cash out my final options from the 1994 contract for a tidy sum of ~$50,000. I plan to hold onto my 2002 options for several more years (some don't expire until 2012). They are currently worth ~$45,000 at today's closing price. I obviously expect that number to increase as LUV increases over the coming years. BTW, I doubt stock options will be part of our next contract.
Through the end of July, my total pay is $140,000 for 85 days of work. We have a VERY lucrative vacation pay system at SWA which most of you guys don't know about.
My point is to show you that a SWA retirement is not something to laugh at. I doubt we will have any more $6 million men like a few that retired just before 9/11, but I am forecasting ~$2.2 million when I'm 60 yrs old (assuming 10%ROR) from just the 401K and profit-sharing. This number does not include additional retirement vehicles available such as Top Hat for age 55 and older. This also does not include gains from the ESPP (Employee Stock Purchase Plan) which allows us to purchase LUV at 10% below market value.
Bottom line: Don't feel bad for SWA pilots in regards to salary, retirement, or days worked. The average Captain is doing just fine on annual salary of $240K, retirement worth $2 million+, and working 12-13 days a month.
Oh yeah, I also get one of those military reserve retirements at age 60...more play money.
You stated: "...we make your quarterly earnings in a week or so." I take it you are flying for UPS...good for you and congratulations on what sounds like a fair TA. I also work for a great company and will hopefully be happy with our TA in a year or two.
A few facts to bring some sense to this discussion. First, our retirement funding is via 401K and profit-sharing. For this year (2006), SWA will contribute over $28,000 to these vehicles for me. I, of course, will also contribute $15,000 to my 401K (before taxes). That is a decent contribution on their part and will be even larger next year due to vastly increased profits and salary. I routinely move my retirement funds around to maximize returns. I have total control of every penny...it belongs solely to me.
Stock options play a role in our compensation as well. Some guys cash out immediately, but I prefer to wait until the time is right. This year, I will cash out my final options from the 1994 contract for a tidy sum of ~$50,000. I plan to hold onto my 2002 options for several more years (some don't expire until 2012). They are currently worth ~$45,000 at today's closing price. I obviously expect that number to increase as LUV increases over the coming years. BTW, I doubt stock options will be part of our next contract.
Through the end of July, my total pay is $140,000 for 85 days of work. We have a VERY lucrative vacation pay system at SWA which most of you guys don't know about.
My point is to show you that a SWA retirement is not something to laugh at. I doubt we will have any more $6 million men like a few that retired just before 9/11, but I am forecasting ~$2.2 million when I'm 60 yrs old (assuming 10%ROR) from just the 401K and profit-sharing. This number does not include additional retirement vehicles available such as Top Hat for age 55 and older. This also does not include gains from the ESPP (Employee Stock Purchase Plan) which allows us to purchase LUV at 10% below market value.
Bottom line: Don't feel bad for SWA pilots in regards to salary, retirement, or days worked. The average Captain is doing just fine on annual salary of $240K, retirement worth $2 million+, and working 12-13 days a month.
Oh yeah, I also get one of those military reserve retirements at age 60...more play money.