Originally Posted by
TankerDriver
Yes, in the "more than 2 decades" through the worst time in US airline history, right? Through the lowest payrates, the crappiest contracts and losing pension plans? Understandably, that mentality may apply to all of the guys playing catch up from the lost decade (and a half) and If I were in their shoes, I'd probably stay as well. In theory, we'll have pilots who have the opportunity to be Captains for 25+ years of their careers. $10M+ in earnings easily, plus a 401k potentially worth $7-8M+. 4% rule of $280,000 per year in retirement income? Really?! They'll be in the "biggest earning potential" of their lives for 15 years and will be in a much different place than the CA's of the past. I got hired later in life due to 16 years full-time military, but will have a military pension when I turn 58 worth over $70k a year (equivalent to about $1.2M), adjusted for inflation for life and even if I stopped contributing to my 401k/IRA today, I'd hit the bottom end of my retirement goal window. You can't take your money with you when you die and I sure as hell will not leave my kids millions of dollars. They'll be taken care of if I turn into hydrocarbons, but I am not making them inherited millionaires. They can work for it like I did. I mean, how much do you really need in retirement savings? There's no easy answer to that. Everyone is different, but my goal is $2.5-3M and from my planning, I should be there by 60. I don't anticipate sticking around to play in some weenie swinging contest unless I still need the income to reach my goal. Could that change? Of course....
Amen on “cant take it with you and/or spoiling the kids”, I agree on those points but I also know the lack of fiduciary responsibility regarding any governmental budget. I served as well and I’ve heard there’s been talk of means testing federal pensions and benefits. Yes I know it would be a fight to implement but I don’t put anything past our very broke and drunk spending budgetary committees. Look at Social Security for one. That program is already dead but it just doesn’t know it yet. In todays dollars per the actuaries an individual is going to spend around 300-500k just in health care costs (I’m not including Tri-Care). God forbid you come down with a costly disease which go well into 7 figures. I look it as this. If I maintain health in those 5 years I’ll take the extra 2.5-3 million as a buffer. If our government decides it’s time to balance the budget pain will be felt on both ends of the spectrum and all through the middle.