Originally Posted by
tangowhsky
After my current assignment ends i'll be at 17 years and able to leave and a passed over major. I had the inclination to stay until 20...but is it still worth it now.
Unfortunately, thinking 20 years and 0-5 was going to happen, I never really began educating myself on all the other possibilities. e.g., joinging the guard/reserves. I just figured i'd do my 20 followed by the second career with the airlines.
Momma is worried of my now thinking getting out soonest to get that line number is preferential, but I haven't done the proper research to know for sure yet...or even where to begin. I'm unsure on the whole process and don't even know things like; if I get out at 17 years, then get on full time with guard/reserves to get to my "20", do I still have to wait until age 60 for the check of the month?
I don't dislike what i'm doing or would be doing those last few years...i'm flying...is good! But could use some words of wisdom, lessons learned, pros and cons, etc. of considerations. Thanks all!
Without the spousal support for the large pay cut for the first year, it’s going to be stressful without that pension supplement to your income, no matter where you end up, especially if you’re a commuter or a single income household.
Going to the airlines 3 years early at the 17 year mark will earn you approximately $750k-$1.05mil for the last three years of your airline career depending on if you retire as a Narrow Body Captain or Widebody Captain.
Waiting three years and collecting O-4 (ret) pay will earn you approximately $969k-1.11mil between retirement and age 65 (depending on if you’re retiring at 42 or 45yrs old).
Math checks out that you’re probably financially better off staying in and going for the pension at that point. Live longer than age 65 and you earn far more by staying for 20 over your life time.