Originally Posted by David Watts
Now that it is getting close for some they realize that they haven't saved enough money to retire. So they want to keep working in the 121 environment. Which for them is real easy since they are making decent money ($150,000 plus), flying nice equipement, with nice schedules, days off, and so forth.
For me I would like to see the age 60 rule stay in place. It probably won't, but the last thing I want to be doing is dragging my bag through the airport when I'm 63. I would much rather be hanging out with my wife and friends and playing golf or any other thing I'm into at that time in my life.
I think 757driver has the right idea about making the age 65 start with the new 121 hires not those of us here now.
Watts............What about the United and USAir folks? Do you know what they were contractually were suppose to make and what they are gonna make in retirement.
As for you comment of making decent money...........USAir has
20 year First officers (all were former Capts) making well under 100K....$85000 is closer to it. Under the PBGC retirement rules......the max a pilot retiring at 60 will make from his pension is $27,000 and change. The PBCG says that if a pilot retires at 60 that is 5 years early and penalizes him.......if he continues to work to 65 he will top out at around $44,000.still well short of what his pension was suppose to be.
If you look ask around many of us have started over 2 or 3 or even 4 times. Most companies require 5-7 years before you are vested (get any retirement).
It is hard to save significant amounts in the first few years because of the low pay scales.
I agree everyone should start planning and saving on their own for retirement ......while a few people spend and live outside their means, most of us do not.
Lets let a few of the Reired Pilots who are recieving PBGC checks chime in here.. Hey Fireman are you listening??