Regional Retirees?

[CarjCapt]

CarjCapt-


I wonder how many people know what your Avatar is?

Not many, I suppose. Back in the day when Comair pilots were still unified.

I'm guessing about 1100 pilots either know or can figure it out.

 

[Holy Shiite]

I remember seeing that door covered with those garbage packets and knew without a doubt we were walking!!!!! HS

 

[Bluto]

...one strategy a lot of folks need to take better advantage of is putting the max pre-tax amount into your 401K that the government allows. This year it is $14,000 for those under 50, and $18,000 for those 50 and above...Yes, you'll pay tax on it when you take it out in retirement, but only based on how much you take out. Hopefully not much per year if you own your home by then.

Many of the financial advisers I've studied recommend putting only what your company will match in the 401K and putting the rest of your retirement savings into an IRA. I guess it's kind of a gamble based on how much you think taxes are going to be in the future. I tend to think they'll be high.

Anyway, thanks for the advice, I don't plan on relying on any company for my retirement. I also plan on having at least one other income stream, hopefully a few. It's discouraging though to see people who have worked their whole adult lives in this industry with nothing to show for it when age 60 comes calling.

 

[DoinTime]

I'm curious how many of you out there know of people retiring (due to age 60)from the regionals who are not able to retire in the conventional sense. I guess it should be pretty commonplace considering regional wages, I just don't recall hearing about it happening very often. Are there any regional retirees going off to play golf in Florida? Or are they all looking for second careers as Wal-Mart greeters, or Fractional Pilots?

Now I'm not going to stand up and say that I am paid for what I am worth but when I compare W2's with the vast majority of Americans I am exceptionally well paid, over three times the median income (FO results may vary).

I make over double of my parents highest ever combined salary and they are doing just fine. You may not have six cars, four houses, and three wives but you have no excuse to not be able to live comfortably after retirement from a career at a regional.

 

[Bluto]

I guess it depends on where you live. If I retire with my current company with the current pay scale, I will make just over 3/4 of what my parents made. They were public school teachers and spent the last 30 years in an average tract home (their first). No extra wives, no expensive cars. They both have pensions in addition to healthy savings accounts and they still worry constantly about money in their retirement. They too are doing just fine.

Unless I get a job with a major or its pay equivalent, my family will not come close to enjoying the same lifestyle I did growing up. I never wanted for the necessities, but we were by no means wealthy. If that's all a regional pilot's salary will support, there's little I can do about that. But please don't lecture me on fiscal responsibility. Maybe I was cursed by growing up in Orange County, CA but I refuse to accept the fact that my family will have to move to Montana and live in a log-cabin so we can stretch my regional captain retirement dollars.

I'm glad regional pay is enough for you. I hope you understand that there are many out there for whom it is not enough.

 

[shamrock]

Many of the financial advisers I've studied recommend putting only what your company will match in the 401K and putting the rest of your retirement savings into an IRA. I guess it's kind of a gamble based on how much you think taxes are going to be in the future. I tend to think they'll be high.

Just make sure you put your money in a Roth IRA because a traditional IRA is pretty much the same, tax-wise, as a 401k. Small but important distinction.

 

[DoinTime]

Yeah....if you choose to live in one of the most expensive counties in the world you will probably have a tough time of it. However, for most counties in America (even many that are very nice places to live) regional pay will provide a better life style and retirement possibilities than 90% of Americans. Nobody is ever forced to live beyond their means, at least not in America.

 

[jobear]

my family will have to move to Montana and live in a log-cabin so we can stretch my regional captain retirement dollars.

I'm glad regional pay is enough for you. I hope you understand that there are many out there for whom it is not enough.

Where in Montana? It better not be where I was looking .

Just kidding Bluto, besides by the time you retire El Centro and Banning will be on the beach.

 

[91100 100 set]

My father recently retired from a regional (with a meager pension believe it or not) and he got a part time job. But I think that was basically just to keep from getting old and to have an excuse to not have to learn how to cook for my mother who still works.

 

[LearLove]

Funny thing is that you dad's retirement package is better than the one the mainline guys have left.