Some of them did, but others who retired early have been kicking themselves for years now. I knew a 757 captain who retired early at age 52, and got $400,000 in his lump sum. Between the change to Age 65 and a successful merger, he would have been a mid-level 7ER/A330/765/ captain easily making $200,000 or more the past five years, if not more.
For those guys approaching age 60 in 2004/5 timeframe, retiring early and getting the lump sum truly was a no-brainer. For the guys in their early 50s it was a whole other story.
What I loved hearing was all my fellow F/Os stating something like "I can't see why anyone would stay--I would be out of here in a heartbeat if I could."
Bull...sheet. They all only said that because they wanted everyone above them to retire early so that they could move up. Hey, I wanted the same! But I was honest about it--I was only thinking about me and not conjuring some fake crocodile tears all out of "concern" for the overall well-being of captains who were senior to me.