Southwest Offers CASH for Pilots to leave!

[ultrarunner]

Is it taxable?

Of course! AND will put some on a higher bracked and/or be taxes at a slightly higher rate.

 

[Flopgut]

As Social Security and Medicare goes broke, Congress will rasie the retirement age to 75 in the next 20 years. The new for retirement age for everyone will also move up.

Here's a crazy idea: why don't guys like you get at least half as interested in this www.pilotpensionnow.com as you are in increasing the retirement age and being a detriment to your fellow workers?

 

[GINCHBLASTER]

Is it taxable?

Is any income not taxable?

 

[gunfyter]

Is any income not taxable?

Apparently if you use Turbo-Tax there is....

 

[JohnDoe]

Is any income not taxable?

Apparently if you are running for a cabinet position some is as well.

 

[andyd]

Here's a crazy idea: why don't guys like you get at least half as interested in this www.pilotpensionnow.com as you are in increasing the retirement age and being a detriment to your fellow workers?

While I agreed with the need to sh*tcan the RLA, thanks but no thanks on a Railway retirement benifit. Here's the ROUGH math: My latest ssn statement, based on what I've paid in to date says i'll get $1671/mo @ age 67, $2130 if I wait to draw it at 70. I'll retire from DAL as a narrowbody capt, using today's $...at around 180/hr. Plug those numbers into the Railway workers benifit calculator and by foregoing ssn AND giving up my 401k/B plan (because they are NOT going to let us join the RLA retirement without giving something up)....the RLA benifit would come out to about $3645/mo.

My 401k (once it recovers) should have about 2,000,000 in it by age 65. Draw off 6% a year from it (2% earnings and 4% principle) comes to around 10,000 a month I can "pay" myself in addition to whatever I get from ssn.

Thanks but no thanks, I want the government and my company in control of as LITTLE of my retirement as possible. If I could opt out of paying my 6.5% into ssn now and take an extra 13% in pay now I would jump at the chance.

Not bashing your website or your effort to do away with the RLA, but be careful what you wish for.

 

[MILF Hunter]

................

 

[Flopgut]

While I agreed with the need to sh*tcan the RLA, thanks but no thanks on a Railway retirement benifit. Here's the ROUGH math: My latest ssn statement, based on what I've paid in to date says i'll get $1671/mo @ age 67, $2130 if I wait to draw it at 70. I'll retire from DAL as a narrowbody capt, using today's $...at around 180/hr. Plug those numbers into the Railway workers benifit calculator and by foregoing ssn AND giving up my 401k/B plan (because they are NOT going to let us join the RLA retirement without giving something up)....the RLA benifit would come out to about $3645/mo.

My 401k (once it recovers) should have about 2,000,000 in it by age 65. Draw off 6% a year from it (2% earnings and 4% principle) comes to around 10,000 a month I can "pay" myself in addition to whatever I get from ssn.

Thanks but no thanks, I want the government and my company in control of as LITTLE of my retirement as possible. If I could opt out of paying my 6.5% into ssn now and take an extra 13% in pay now I would jump at the chance.

Not bashing your website or your effort to do away with the RLA, but be careful what you wish for.

I think you've got a good, quick analysis. I can't argue the numbers particuliarly. Just want to point out: 1. We're not going to give up 401K or B plans. The idea is to grow those and bundle them with a railroad style retirement plan in place of the money we're likely throwing away to SS. 2. You're talking about things you hope happen like retiring as a captain and seeing your 401K recover. I hope that happens as well; I hope it happens for everybody, but the truth of the matter is we need to strengthen every corner of our retirement house and the RLA is fouling things. Better to push for a complete review of the Act now and see if we can get the better retirement deal or maybe get released from it entirely. 3. To work toward this sort of relationship with the RLA would be a valuable exercise in improving the vision of our pilot leaders (currently a bunch of primma donnas). Example: RRB forced a higher retirement age onto workers back in the 90's. Rail worker leadership fought get full retirement benefits back and in 2002 they did. With 30 years of service, and a minimum age of 60 you can retire under RRB with full benefit (keep that in mind when you're looking at the age 67 or 70 number SS offers in your above post). So where rail union leaders did what their members wanted them to do (what was better for ALL members) pilot union leaders sold out on retirement age and seniority progression. And they are not done IMHO. The reality is until pilot leaders see that there is a better way to do business you and I will just pay for more mistakes with a constantly changing retirement age.

 

[Whine Lover]

" My 401k ( insert retirement plan here ) should have about 2,000,000 in it by age 65." ....

...Said the USAir Co-Pilot in 1989.

...Said the brand new Pan-Am Captain in 1987.

...Said the United new hire in 1991.

A lot of things should have happened in this Industry....that didn't. And a lot of things that shouldn't have happened....have.

I think a better statement might be: " I just hope I have an airline job, any airline job, that lasts the next 20 years or so."

Not likely to happen. But, something to hope for.

Floppy, you got it right.

YKWHY

 

[satpak77]

" My 401k ( insert retirement plan here ) should have about 2,000,000 in it by age 65." ....

...Said the USAir Co-Pilot in 1989.

...Said the brand new Pan-Am Captain in 1987.

...Said the United new hire in 1991.

A lot of things should have happened in this Industry....that didn't. And a lot of things that shouldn't have happened....have.

I think a better statement might be: " I just hope I have an airline job, any airline job, that lasts the next 20 years or so."

Not likely to happen. But, something to hope for.

Floppy, you got it right.

YKWHY

Concur....good post.