Brad,
Obviously your decision is a personal one and only you can make the decision based on what you know is true about your life and your circumstances. I say that because I don't want you to think that I'm pushing anything on you . I'm just going to tell you what I did in your situation and why. I know that what's best for me may not be for anyone else.
Having said all of that, I got out in April. I'm now with a Reserve squadron and haven't had a problem with money yet (I've been an active duty Reservist most of that time). Just like Yahtzee said, though, it's definitely not all about the money. I agonized over the decision quite a bit, and here in no particular order are some of the reasons I got out:
1) Didn't have the desire or drive to do what was needed to advance as an AF officer. I could go on forever about this but I think you know what I'm talking about.
2) Wanted to be able to pick where I live. Wanted our son to grow up knowing his grandparents and cousins.
3) Staying in meant going to a C-17 or some other heavily deployed MWS. Did not want to deal with that for the next three years minimum.
4) Felt like the economy was on the cusp of an upswing (still think so). In my mind, the current downturn started in Mar 2000 when the stock markets began to crash. It's been more than three years since then and I think chances are strongly in far of an economic recovery in the next couple of years.
5) While I don't think there's any realistic chance of new hiring at any of the majors for the next several years, I do think it is realistic that a military pilot with significant experience in multiengine heavy jets will get hired by the likes of JB, SWA, or ATA, another LCC, or a corporate outfit, or some other organization within the next couple of years. Getting out now positions me to take advantage of any hiring opportunities that come along because I will be available vs locked into an ADSC.
6) A very minor consideration for me was that when I graduated from UPT eight years ago, AF pilot production was at a very low point and stayed that way for a couple of years afterward. Plus, relatively few pilots are choosing to leave active duty right now. Getting out now allows me to take advantage of these demographic trends vs competing against the bow wave of people that came through three or four years after me and will be getting out in a couple of years when the economy is better. I do realize that you could argue that any advantage this offers is more than offset by the thousands of furloughed pilots out there.
7) Wanted to have the chance to explore other opportunities if I felt like it. Like going to school or perhaps starting a business or traveling...who knows...the point is I can if I feel like it.
8) The Reserves are a GREAT insurance policy. If nothing works out, from everything I see/hear, I can support my family with the Reserves. It seems there will be no shortage of work for the Reserves for the foreseeable future esp if Bush keeps knocking off countries like he has been.
9) Here's a story a guy in my Reserve unit told me that helped:
I could've gotten out back in 92 when nobody was hiring. I was all set to do it, but I f#@*ing panicked and stayed in. Took a three year assignment. A buddy of mine went ahead and got out. He didn't find anything for about a year and a half but ended up getting hired by Airline X (I forget which one). So, I got out three years later, got hired at Airline Y (sorry, I forget which one again). Now, I'm getting furloughed and my buddy is way far up on the seniority list because he got out when I should have.
So, anyway, hope some of this helped. I know it's a tough decision. Good luck with it Brad! It'll all work out.