Why are the pilots who still have the full defined benefit plan staying beyond age 60?
Is it a medical coverage problem?

Their pay rates as a senior captain might be pretty good but by giving up the retirement benefits they could be receiving, they are essentially working for a fraction of that pay rate.

Is it really worth the few dollars a month extra to work full time?
Help me understand the reasoning. I think if it were me, I'd be out fishing instead of working.