Everyone just calls names and argues their side without any data to back their argument. The young guys say get out of my way and the baby boomers say shut up, I will make more money and you can work five more years also so you shouldn’t complain. It is true the baby boomers will get to work longer and make more money however it will be at the cost of generations to come.
Here is the logic. I will give three scenarios. All will be of a 30 year old regional captain. Scenario #1 will be if said person got hired at a major airline today and the old age 60 rule was still enforced. Scenario #2 he will not get hired at a major airline for another 5 years however he will retire at 65. Scenario #3 he will not get hired at a major airline for another 5 years but will retire early at age 60.
I’ll use rough average numbers $100,000/yr FO and $170,000/yr Captain.
Scenario #1.
$1,000,000 10yrs FO
$3,400,000 20yrs Captain
=
$4.4 million
Scenario #2
$350,000 5yrs regional Captain
$1,000,000 10yrs FO
$3,400,000 20yrs Captain
=
$4.75 million
Scenario #3
$350,000 5yrs regional Captain
$1,000,000 10yrs FO
$2,550,000 15yrs Captain
=
$3.9 million
So yes the baby boomers are right you can work five more years however you won’t make more money. If this person wants to retire at age 60 he will make half a million dollars less than pre age 65 days. Or he can work until 63 and make the same amount, basically working 3 years for free.