Originally Posted by
Timbo
You know, back when we had a 60% FAE DB Plan, you could roughly figure what you'd be making in retirement. You could project what you'd be flying, do the math on what your FAE would be, then 60% of that...forever.
Nobody is doing the math on what a new hire today can expect in retirement, at least, I've never seen any projections in writing, as to what a 14% DC plan should net you after say, 30-35 years, never mind 10.
The whole reason the airline pilots went to a DB plan in the fist place was to get your retirement dollars away from the volatility and uncertainty of the stock market, but that was back in the 1930's, when the market crash of 1929 was still fresh in pilot's minds.
Pilots today can't even remember what happened to the market in 2008...
That is why bigger pays more is retarded.
And I remember exactly what happened in 2008. It was folly to believe that a DB plan removed retirement dollars from uncertainty of the market, bankruptcy proves that beyond any shadow of a doubt. And the two are very clearly interrelated. The Western guys were right. Retirement in our own name was essential, and we didn't listen.
I have done a little cocktail napkin math on a newbies retirement, although it is very very rough, and with the expected movement they are gonna see Timbo, you and I are gonna be pool boys for them.