Jim Smyth said:
Nope, no surprises at all. Been planning on retirement since I was in my mid to upper twenties when I started my IRA's. I had very wise parents with old school values to learn from.
SWA has a formula where you can turn in part of your sick bank that you accumulated to receive medical benefits until you reach age 65. In our last contract extension they gave us the option to also use those sick trips to bring your wife along for the ride too. My wife is 7 years younger than me so I need alot of sick trips. I should have enough sick trips for me and the wife to go to age 65 medically through SWA in 2 years with what I have accumulated already. Now with that being said what if I get hurt down the road and cant work for a year while out on a medical? I would have to use all my sick trips up and then at age 60 would have nothing left. So then I would have no medical insurance after age 60 and would have a hard time getting it if needed. Thats my big concern. If I have the option to go to 65 then this is a non issue because I will have insurance until 65 and have to just worry about the wife after that.
I have been through 1 contract at SWA. It has lasted 11 years now ( 2 extensions) and has 1 more year to go. They did make improvments to our medical after retirement and also made improvements to our compensation. Since I am assuming that money wont be the big issue this time around (section 6 next year) with whats going on in the industry we may close up a few of those loop holes that we currently have in our contract, medical issues being one of them.
I am actualy not that smart. I am a Average "C" type of a guy is all. But I do have alot of common sense. I am well prepared for retirement at age 60. Going to age 65 would just be a bonus as far as not worring about medical coverage (current conditions) or tapping the retirement nest egg. If in our next contract SWA and SWAPA changes the medical issue for us, I may be retiring earlier than 60. Like I said before, security,rude hotel guests,check rides etc get pretty old after a while.
You are wise to not plan on Socail Security because if you are young it may not be there when you are old. It also may not be there for me or if it is I am assuming it will be a greatly reduced rate especially if you have money saved already. Planning this all out when your young is deffinately the way to go.
Fascinating Jim, you have thought of everything. I am guessing you are very fastidious and probably an allright person to fly with. (I am guessing too that I would go home from a trip with you exhausted from lectures on FMC technique and the like) I am certain you have exceeded my loftiest goals for myself in almost all aspects of personal and professional life (health, $, career progression, retirement) so don't take this as condescending. I think you personify the selfishness of this issue on the part of your pilot demographic. You indicate as much when you characterize SWAPA contract negotiation. Sure sec 6 is going to be a hard one to improve on for your group. Other SWA types, FOs to be correct, have theorized possible wage cuts in the future. And we know how work ethic is such a core value so don't look for any "soft time" type QOL extras, which have actually been denuded entirely from the passenger flying business. No, for sure this business has changed and it may even effect pilots' careers at SWA, yet you have no apprehension toward making a claim on five extra years at the top for yourself. A "bonus". Don't
really need it, but it sure would be nice. The generation behind you will have to work as hard or harder for increasingly less in their careers and your solution to that is letting them work
longer? Wow, you're a nice guy. Additionally, this claim that your health insurance issue is the tipping point really grates on me. You can find another job! If you retirement age pilots are so darn experienced and capable then it should be a good one. Matter of fact, if you can get yourself hired at Netjets, I believe they have comprehensive health benefits that are
free! So you can keep that young wife of yours, and yourself, fit as a fiddle! That way while you are both out mountain biking and basking in the wealth and health of airline pilot retirement monies coupled with an exciting new career endeavor, you can think of how great the UAL furloughee is going to feel finally getting recalled because pilots retire at 60. Finally being able to get ulcers, chronic back pain, or other injuries treated because they have regular insurance now as a backstop to financial ruin. An artificially aged and tired spouse and kids can all get re-aclimated to life with health care like you have always had. You have a cute little chilling scenario where a health problem post age 60 wipes out your retirement monies. Scary to be sure, but let me ask you this: is that sort of thing any less scary for someone younger and furloughed without insurance? Please don't say its going to be less a problem for them because they have more time left to work and can make it up. This could be a sick child, are you going to tell me they can just have another? It follows your logic!
We have a somewhat "sinking ship" here Jim, do the "women and children" get the lifeboats, or do you need one just for you?
-3, EMB 
