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I've got cancer right now; already had an operation and am waiting on radiation therapy. Odds are good that I'll fully recover and fly again. My wife's classified as a wounded warrior due to injuries in Iraq and is undergoing Medical Evaluation Board where she will either be medically retired from the Air Force or separated without retirement. She will not be able to work in the civilian world due to her injuries. I have to help her get dressed and undressed daily.
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Dan: Did the Akaka Bill ever get passed? The pre 65 effort to get full PBGC benefits for retired pilots who didn't make the cutoff.
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Andy, with all due respect you are making a point why the opportunity to fly to 65 was the right thing to do. As your post points out, anything can happen to anybody at anytime. In the course of a career no one is immune from bad luck that can devastate their life or finances. Many many really good people need to work longer for 1000's of various reasons. Good on you that you can go out at 60. (Unless you want to be pathologically hypocritical, which I don't think you are) but really difficult things can happen to anyone. Your challenges should open your eyes that their is lot more important things the a couple extra years of seniority and should put in perspective that their are plenty of pilots that aren't "guilty of poor planning and should have known better".
I mean really, elsewhere on here we've got some guy who didn't 't upgrade at SWA after 7 years screaming he is a victim when 1000's of upper 50's pilots have been totally screwed and many of them have stories more tragic than yours. But the simple fact is life's full of ups and downs and age 65 helps a lot more people than it hurts. It just created more opportunity for more pilots to better deal with whatever life throws at them.
Godspeed and best of luck to you and your wife.
Dan, any airline pilot in the last 50 years that was or is counting on a defined benefit plan is dumber than a box of rocks. Pull up a list of defunct airlines. Do a google search of that airline adding 'PBGC'. Note that all of those defined benefit plans got taken over by the PBGC.
A pilot losing his defined benefit plan to the PBGC is NOT something new that happened after 9/11; it's happened for a very long time.
Any airline pilot who wasn't/isn't maxing out his IRA and setting aside a minimum of an additional 10% of their salary is not very bright and is one of the poorest excuses for raising the retirement age that I've ever heard.
Every pilot out there should know that (s)he needs to live well below their current income level because no one is immune to having something bad happen to them. I don't excuse any pilot for not saving a large percentage of their income until they have a net worth in excess of $1 million. And in today's low interest environment, that number needs to be closer to $2 million net worth. Until then, they shouldn't be buying planes, boats, motorcycles, second houses, second wives, or any other toys. It's that simple.
In this business, one bad CEO and senior management can wreck an airline. If a second bad management team follows, the company will usually find itself in chapter 11. A third bad management team in a row and it's chapter 7. All of that can happen to ANY airline in less than a decade.
This kind of data, more than anything else, could stop the age 67 consideration.I've been at CAL for 8 years now. During this time period I can recall 3 inflight deaths, 4 inflight heart attacks( survived) requiring diversion, and 5 deaths while on a layover. One guy died in the line at customs in sjo (this same guy got revived in the jetway in EWR only 2 years prior after suffering a major heart attack, he was 62 when he passed. Of the inflight deaths, the pilots ages were 59, 61, and 63(almost 64). Food for thought.
This kind of data, more than anything else, could stop the age 67 consideration.
Your previous words:
I have thrown you multiple olive branches over the years.
This pretty is pretty typical of the argument the anti 65 crowd makes. Thousands of pilots had their pensions stolen with little warning and at an age were it's impossible to save enough in DC plan to make it up. The retirement plans for most we're changed to DC plans that favor younger pilots. Younger pilots now have the option of working to age 65 if they want and every year later in their career means huge gains to their DC plan.
Yet you are incensed that you didn't upgrade after 7 years with your company and had to spend an extra few years in the right seat. That sounds pretty "selfish and elitist " to me. Let a guy at 59 be kicked to the street (and denied Social Security till he is 62) just after his pension has been stolen rather than wait a couple years to upgrade. Amazing.
Dan, any airline pilot in the last 50 years that was or is counting on a defined benefit plan is dumber than a box of rocks. Pull up a list of defunct airlines. Do a google search of that airline adding 'PBGC'. Note that all of those defined benefit plans got taken over by the PBGC.
A pilot losing his defined benefit plan to the PBGC is NOT something new that happened after 9/11; it's happened for a very long time.
Any airline pilot who wasn't/isn't maxing out his IRA and setting aside a minimum of an additional 10% of their salary is not very bright and is one of the poorest excuses for raising the retirement age that I've ever heard.
Every pilot out there should know that (s)he needs to live well below their current income level because no one is immune to having something bad happen to them. I don't excuse any pilot for not saving a large percentage of their income until they have a net worth in excess of $1 million. And in today's low interest environment, that number needs to be closer to $2 million net worth. Until then, they shouldn't be buying planes, boats, motorcycles, second houses, second wives, or any other toys. It's that simple.
In this business, one bad CEO and senior management can wreck an airline. If a second bad management team follows, the company will usually find itself in chapter 11. A third bad management team in a row and it's chapter 7. All of that can happen to ANY airline in less than a decade.
Dan, do you really believe this??^^^
Let me ask you? Has this group of boomers been good stewards of the career? Or has it grown weaker and weaker?
And don't get me started on how the republicans voted in influenced how those pensions were stolen-
How many then 59 year old captains weren't republicans who voted in the same people who didn't protect their earned pensions?
Almost didn't see this Wave since this thread got moved.
Believe what? Clearly DC plans favor the young. The longer you are in them the more you have the compound interest in your favor. That's a no brainer and now having the option to work till 65 means that much more time if someone wants to put more in their plan. The other point I made is the example of the many AQ pilots here at HAL, through no fault of their own, had to start over, many in their 40's or 50's. Our 15% DC and a separate 401K account means they can recover nicely by flying to 65. I know their story and to say they are selfish or greedy is ridiculous. A SWA pilot complaining that he didn't upgrade after 7 years and would rather have seen those guys forced out at 60 is pathologically narcissistic.
A SWA pilot complaining that he didn't upgrade after 7 years and would rather have seen those guys forced out at 60 is pathologically narcissistic.
And yet, as Asiana proved, these highly fit, medically superior pilots managed to ramp strike at SFO!!!