The B plan at UAL is just like a 401k. When you think you have enough money then you can retire. There is no IRS penalty for withdrawing money after a person is 59.5 years old as it is with all 401k type plans. If the pilot retirement age goes to 65 then pilots may or may not work until that age. As I said, when you have enough money you can retire. Personally I think there are many pilots who will not go to 65. They may retire at 62 they say.
Of course a defined contribution plan such as a 401k is the future of all retirement plans in America. It is also called work until you can no longer work because you never know if you have enough cash socked away unless you know how long you will live. This country will not permit defined benefit (pension) plans to continue. Personally, I think there will be big problems for legacy corporations like GM where an employee can start working at 18 and work for 30 years, retiring at 48 years old on 80% of their salary and receive that for 32 years if they live be be 80. So how can any company possibly continure to compete when 50% of their payrole goes to retired unproductive ex-employees? They can not.
Look out if you're on a pension of any type.
So as far as an airline pilot is concerned, how can a typical pilot possibly save enough money to last them a lifetime by age 60 when the wages are so low that there is nothing left to put away for retirement. Just work the numbers, pilots need to work to age 65 to even have a chance of retiring.
B plans were negotiated into existence based on the fact airline pilots quit working somewhat early at age 60. That is where they came from, and although that's about all anyone has left, look for legacy carriers [UAL] to cite the age change and seek to diminish the plans. Sound scary? You bet! Don't put anything past them.
I'm listening to you and B757driver ask the question: "how are we supposed to make this work?" Well, I think the answer is clear, we need to make about 400K/yr doing this job! If we're all supposed to get our pensions routinely horked and our CBAs rolled back to zero every 5 years then we're nothing more than itinerant workers! We need to be paid huge so we can sustain ourselves through tough times.
We do not need to work longer. We need a national contract for all of us, to serve as a baseline. A five year deal that cannot be abbrogated. And a bond-like financial device that puts lost monies back into the pockets of pilots like yourself who've been screwed. (and I do not mean a little, we could nearly get you all of it, it's not that hard) It's do-able. If the age change contingent had put half the effort into that, instead of trying to work longer, this sort of thing might be a reality.
Shoot, if we put half the effort that went into this thread, into that, we'd be close! (maybe) This is ridiculous! We're all fighting with each other and meanwhile UAL has 4 billion, AA has 7, CAL has 3.5. This is more money than they've ever had and here we are: squabbling.