Originally Posted by
NavyFlyer
New guy here, so please educate me (read: I know this is a touchy subject for those that lost everything, and I respect that more than you know, but I would like to understand a little more).
What would it take to make retirement adequate? 16% in your OWN 401K that can't be touched by anyone other than you is embarrassingly good imho. When compared with every other private industry, this is unheard of as far as I can tell. The most I've heard from my wife and friends is up to 5% matching...
For the average $200k/yr pilot, $32k is pretty legit to stash away. Combine that with personal savings and PS, and even guys on 1st and 2nd yr pay are hitting our $53k/yr limit.
How much is required to make you a yes voter? A DB will never return--you old guys have taught us newbies that since day one. We learned from the past and want our finically security to be controlled by us.
Please answer--and educate. Not trying to start a flame war, but I'm still new and have blinders on. I'm still Danny Delta! I feel pretty amazed that my employer will go WAY above other professions in their 401k contributions. Thanks!
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That "embarrassingly good" 16% DC contribution was instituted to supposedly make up for the loss of $120,000-$150,000
per year pensions. Per year..... As somebody else before me said, if you are somewhere over 40, it's not gonna bring you back up to that level.
It has been at the 15% level for 3 years now. Only 1% additional is woefully inadequate. Not to mention, the 15% level was a
reduction in DC contribution for some from what they were getting.
What other professions get is totally and absolutely irrelevant.
The amazing act of our DC contribution has the company laughing all the way to the bank when they think about the coin they are saving off our backs. And they actually got people like you to be amazed about it.
If you are that embarrased by it, please feel free to distribute it to others.