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.

 

[Whine Lover]

" I'll retire from DAL as a narrowbody capt..."

Andy,

I am curious as to what sets of conditions you predicate that prognostication upon?

I have some friends over there who are just now seeing Captain after 9-10 years of service.

- When do you anticipate the left seat?

- How long to 65 ( ouch ) ?

- How might the SOC/Global Economy/Shrinking Industry/Possible Furloughs/Downgrades etc., etc., etc., affect your plans?

I'm really not trying to be a Dick ( for once ). I am just curious as to your thinking. Please don't stop being an optimist just because of bitter, twice-divorced, middle aged, multiply furloughed, unemployed, old, dumb-ass, former Captains such as myself.

However, always remember: " If you wanna' make God laugh, just go ahead and make some plans."

Gay smiley:

YKW

 

[andyd]

I agree with floppy and whine lover on the assumtion of future earnings/plans/career expectations and the like. My projections are based on NOT being furloughed (which i put my present prospects at about 50/50 for the next year). Upgrade time, barring any furloughs and not counting on any expansion or hiring...should be in around 2020 (strictly based on mandatory retirements and excluding JFK), I punch out in 2032 provided i keep passing a class I and re-current.

I am and have always been a glass 1/2 FULL kinda guy, take things in stride and try not to let the doom and gloom republicans...oops...naysayers depresss me with the constant "the sky is falling" negativity.

If we could opt out of SSN and get into a RRB pension with it kicking in at age 60 AND keep our 401k's and defined contributions in tack....would be GREAT. I just don't see us getting that without giving something up in the bargain.

 

[Whine Lover]

Fair enough. I hope you make it to 2032 at Delta as planned.

God knows, enough of us have been burned...it would be nice to see the tides turn again.

YKMKR

 

[Whine Lover]

" keeping 401k's and defined contributions..."

The beauty of a "B" Plan ( Defined Contribution )....It's yours, right now, and it's totally portable.

The Old "A" Plans ( Defined Benefit )..." We "promise" that, in some undefined time in the Future, we may ( or may not ) , pay you as defined in the fine print below. ( Unless of course, we go Bankrupt or cease to exist. )"

Ouch.

YKWE

 

[Flopgut]

Floppy, you got it right.

YKWHY

Thanks man! I appreciate it.

 

[MILF Hunter]

I agree with floppy and whine lover on the assumtion of future earnings/plans/career expectations and the like. My projections are based on NOT being furloughed (which i put my present prospects at about 50/50 for the next year). Upgrade time, barring any furloughs and not counting on any expansion or hiring...should be in around 2020 (strictly based on mandatory retirements and excluding JFK), I punch out in 2032 provided i keep passing a class I and re-current.

I am and have always been a glass 1/2 FULL kinda guy, take things in stride and try not to let the doom and gloom republicans...oops...naysayers depresss me with the constant "the sky is falling" negativity.

If we could opt out of SSN and get into a RRB pension with it kicking in at age 60 AND keep our 401k's and defined contributions in tack....would be GREAT. I just don't see us getting that without giving something up in the bargain.

My uncle loves his US Air retirement. Oh wait they took that from him. He sounded just like you 20 years ago. He could do better on his own with the help of his union.

Hope you don't get furloughed from Delta and you can walk away with your 10 trillion dollars.

 

[Just Peachy]

new world order.......

Wait till the current gov absorbs your 401k into the social security system and pays you 3%...... like the demos want to.:angryfire

 

[CDub]

Wait till the current gov absorbs your 401k into the social security system and pays you 3%...... like the demos want to.:angryfire

Not true... next.

 

[rtwo]

take things in stride and try not to let the doom and gloom republicans...oops...naysayers depresss me with the constant "the sky is falling" negativity.

If we could opt out of SSN TE]

Did you just dump on Republicans and hope to opt out of mandanted government retirement insurance in the same breath.

Can you explain your thinking on that one.

You are aware I'm sure that Government mandated withholding of 14% of your salary for social security is a gift from the first socialist despot to rule for life in America, even FDR, who happened to be a member of the Demo party. Social Security "benifits" were first taxed by WJC also a DEMo.