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...
I don't know what the future portends. But, I'm in a much better spot regarding retirement today than I would have been with the DB plan.
I always saved like I wouldn't have a retirement. We all had Eastern, Braniff, Pan Am and TWA as examples.
I learned how to invest. I made it a priority. It has held me in good stead.
I am constantly amazed when I fly with FO's who have no idea or interest in their future than a mutual fund. I constantly get, I don't have time, it's too complicated or that doesn't interest me.
I, for one, am really glad that I am decoupled from the company that writes my paycheck.
It does still **** me off that I am not making what I was making as a MD-11 FO and that I have been pushed off the 767 back onto the 737 for the last five years. But, I do have a job and I'm not living in the sandpit.
I want better than restoration. That's my goal.