Originally Posted by
C2078
$17,500 average 401k max contribution + 50% average for say the last 15 years, $393,500 without compound interest. Say another $20k + 58% for the next 15, $474,500 again without compound interest. Let’s say an extremely disciplined person manages to have $2 MIL in the bank after all savings (401k, extra savings, etc) when turning 63-65, and again, what percentage of people in the NJ pilot population can actually achieve that? My guess less than 50%. But let’s say you were able to do it after raising 2-3 kids, traveling, living a decent life, etc. Is $2 MIL enough to retire comfortably to live an estimated 25-30 years with at least 50% pre retirement income?
I thought about this extensively over and over, and came to the conclusion that it was not nearly enough. Having almost $3 MIL+ in the bank (counting additional savings of 10 years at Captain wages of nearly $400k/year) with a $100k/year remaining lifetime pension + SS (whatever is there) is an entirely different and comfortable scenario.
You made the right choice for you (and pretty much anyone who can get hired there), but that is rather hard indeed. That said, the over 50 401K + catch up is 26K this year plus the match plus the FDP match. That is over 40K there per year not including any other savings vehicles (significant other's retirement accounts, IRAs, etc...). While that isn't going to lead to major airline, brown, or FedEx numbers, that will still lead to a comfortable retirement with a modicum of restraint. Pilots will have the money to retire from NetJets at a reasonable age with a quite reasonable amount of retirement money. I'm an SIC with a non working wife on pace to crush the 2 million you suggested (I'm sure you would have too had you stayed with the catch up savings). If this fool can do it, than just about every PIC here should be doing better, especially if they are able to do the catch up savings.
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