Age 70? BOHICA...
02-28-2023, 02:40 PM
#11
Gets Weekends Off
Joined APC: Jun 2010
Position: seated - facing forward
Posts: 1,094
Unless you’ve been retired, you don’t know how good it is. I was retired for a little while and enjoyed it. There were times when I was on Reserve and I would get sick to my stomach when I see a phone call from the scheduling line.
It’s tough being on the road trying to eat healthy and having family at home. I loved every second of having time off and not having to work.
It’s tough being on the road trying to eat healthy and having family at home. I loved every second of having time off and not having to work.
02-28-2023, 03:38 PM
#12
Gets Weekends Off
Joined APC: Dec 2022
Posts: 322
02-28-2023, 04:48 PM
#14
Banned
Joined APC: Jan 2008
Position: Pilot
Posts: 2,625
Full disclaimer, I do not want the retirement age raised to 70! Not just no, but heck no.
We're going to have to pay for the free government handouts and national debt somehow. Lets keep more people working and paying taxes. So... If they raise the Social Security age of retirement from 65 to 68 or 70, how long until the airline retirement age does the same?
The million dollar question, if the Social Security age of retirement is 70, but the airline retirement stays at 65, can I still use MY 401(k) money, penalty free at 65?
Sit back and buckle up. The next couple of years it's going to be a wild ride. I think they're aiming for 70, hoping to settle at 67 or 68 after negotiation.
https://www.washingtonexaminer.com/n...ocial-security
We're going to have to pay for the free government handouts and national debt somehow. Lets keep more people working and paying taxes. So... If they raise the Social Security age of retirement from 65 to 68 or 70, how long until the airline retirement age does the same?
The million dollar question, if the Social Security age of retirement is 70, but the airline retirement stays at 65, can I still use MY 401(k) money, penalty free at 65?
Sit back and buckle up. The next couple of years it's going to be a wild ride. I think they're aiming for 70, hoping to settle at 67 or 68 after negotiation.
https://www.washingtonexaminer.com/n...ocial-security
02-28-2023, 06:16 PM
#15
Gets Weekends Off
Joined APC: Oct 2017
Posts: 933
Full disclaimer, I do not want the retirement age raised to 70! Not just no, but heck no.
We're going to have to pay for the free government handouts and national debt somehow. Lets keep more people working and paying taxes. So... If they raise the Social Security age of retirement from 65 to 68 or 70, how long until the airline retirement age does the same?
The million dollar question, if the Social Security age of retirement is 70, but the airline retirement stays at 65, can I still use MY 401(k) money, penalty free at 65?
Sit back and buckle up. The next couple of years it's going to be a wild ride. I think they're aiming for 70, hoping to settle at 67 or 68 after negotiation.
https://www.washingtonexaminer.com/n...ocial-security
We're going to have to pay for the free government handouts and national debt somehow. Lets keep more people working and paying taxes. So... If they raise the Social Security age of retirement from 65 to 68 or 70, how long until the airline retirement age does the same?
The million dollar question, if the Social Security age of retirement is 70, but the airline retirement stays at 65, can I still use MY 401(k) money, penalty free at 65?
Sit back and buckle up. The next couple of years it's going to be a wild ride. I think they're aiming for 70, hoping to settle at 67 or 68 after negotiation.
https://www.washingtonexaminer.com/n...ocial-security
better financial planning would’ve helped those people. Also it’s probably not a good idea to hedge your retirement on a political football.
02-28-2023, 08:39 PM
#16
Gets Weekends Off
Joined APC: Jun 2010
Position: seated - facing forward
Posts: 1,094
Kind of surprised Five Oh didn’t know about the 59.5 thing.
To your second point, safety nets are there for a reason. Take them away and you get impoverishment that exists in parts of the world that lead to major uprisings and revolutions. Think we’ll have to settle for Uncle Sam (mis)managing what will equate to about 20-25% of your retirement income.
Also, I plan on getting all my Viking cruises done between the age of 55 and 65. 65 plus I’ll be living simply, but comfortably in a lifestyle scaled for my golden years. Not sure how people expect to maintain vacation homes, boats and extravagant vacations after their peak earnings are behind them. Cultural entitlement I guess or the strain of trying to give your grandkids the lifestyle you were able to grant your kids.
To your second point, safety nets are there for a reason. Take them away and you get impoverishment that exists in parts of the world that lead to major uprisings and revolutions. Think we’ll have to settle for Uncle Sam (mis)managing what will equate to about 20-25% of your retirement income.
Also, I plan on getting all my Viking cruises done between the age of 55 and 65. 65 plus I’ll be living simply, but comfortably in a lifestyle scaled for my golden years. Not sure how people expect to maintain vacation homes, boats and extravagant vacations after their peak earnings are behind them. Cultural entitlement I guess or the strain of trying to give your grandkids the lifestyle you were able to grant your kids.
I spoke with the Schwab guy couple years ago and I’ll need $10K a month to live
comfortable with my current lifestyle and am planning my 401k accordingly. Just curious what other pilots think they need ?
03-01-2023, 12:34 AM
#17
Gets Weekends Off
Joined APC: Apr 2022
Posts: 1,220
I see your logic pineapple. A captains house -, a vacation home, - even if paid off - a boat , 2 nice cars - maybe a classic car too. If you also wanted 2 vacations a year with your spouse probably need to draw 15K a month from the 401K. That’s 3.6 million in 20 years. The Viking cruise I looked at was 10K per person.
I spoke with the Schwab guy couple years ago and I’ll need $10K a month to live
comfortable with my current lifestyle and am planning my 401k accordingly. Just curious what other pilots think they need ?
I spoke with the Schwab guy couple years ago and I’ll need $10K a month to live
comfortable with my current lifestyle and am planning my 401k accordingly. Just curious what other pilots think they need ?
03-01-2023, 04:28 AM
#18
Gets Weekends Off
Joined APC: Aug 2010
Position: N/A
Posts: 617
I see your logic pineapple. A captains house -, a vacation home, - even if paid off - a boat , 2 nice cars - maybe a classic car too. If you also wanted 2 vacations a year with your spouse probably need to draw 15K a month from the 401K. That’s 3.6 million in 20 years. The Viking cruise I looked at was 10K per person.
I spoke with the Schwab guy couple years ago and I’ll need $10K a month to live
comfortable with my current lifestyle and am planning my 401k accordingly. Just curious what other pilots think they need ?
I spoke with the Schwab guy couple years ago and I’ll need $10K a month to live
comfortable with my current lifestyle and am planning my 401k accordingly. Just curious what other pilots think they need ?
03-01-2023, 06:48 AM
#19
Gets Weekends Off
Joined APC: Feb 2007
Posts: 1,058
Irregular sleep routines, sedentary work life (sitting all day in a cockpit), extremely difficult access to healthy food options, roach motels and the pain of a hard commute all come to mind to me. I can’t imagine doing this in my 60s.
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