I am a 46 y/o pilot making approximately 40K for a state govt. agency. In my job I primarily fly a single engine airplanes in VFR conditions and occasionally a Navajo. At this time, I'm vested and 15 years into a 25 year defined benefit retirement that will pay 75% of gross for life. The cons with this job are no raise in five years and no real promotional opportunities. Despite this, I'm feeling the need for new challenges in aviation.

Would you stay until 55 to complete the state retirement and hope for later opportunities or leave?

My stats -
Com Inst. AMEL, ATP Written
5000 total
600 ME PIC
200 ME Turbine PIC

 

What are you thinking? Leave a solid govt job with retirement to come to the mescaline based clown show? If you come to the clown show, expect to make minimum wage, no retirement and my dogs medical insurance is better than mine. This is my 3rd career and the 2 prior were govt. I regret leaving more and more as I get older. The best you can hope for will to be at a regional for a year or 2 and onto a major, but as of today without 121 turbine PIC you aren't competitive, so add a 5-6 year tour at the regionals, assuming a 2 year upgrade and a year or two on reserve to get the 1000 TPIC, that leaves you 6-7 years into the hiring boom, enjoy being on reserve for longer and longer as the hiring takes hold.
Newsflash 121 flying isn't that great, its a job on the best of days and after a tour on reserve your will hate the job.
Grow up, finish what you started, get the retirement, and go to some third world region and fly a Pilatus Porter for fun with Susi Air or something like that. But do what you gotta do, you can swing my gear for 35K a year....

 

The tone of ClickClickBoom's response should tell you that tensions are extremely high at regionals right now. We've all waited years for the "Major Hiring Boom," and now that it's here, for some reason (regional concessions most likely), we (regional pilots) are not in the best of spirits. That alone should tell you that it might not be a great idea. In the end, do what's best for you.

 

Also depends on what state. There will be a LOT of haircuts taken to many state defined benefit plans. Some are severely underwater and a federal bailout is politically and fiscally impossible.

 

Short answer, no.

 

Unless you can get into a reasonably stable corporate job paying 90K or better, no. For a regional with the hopes of going to a major - H*** no.

 

Actually, the OP makes an interesting point. He is 15 years into a govt. flying job as PIC and only makes about 40K. Many regional FOs make more than that by their second or third year. I think this puts things in perspective.

 

Yeah.. 75% of 40k is not a retirement... I got no clue where to send you tho...

 

He makes $40K, but the actual value of his compensation is much higher than that due to the retirement and insurance, not to mention job security. What is that worth?

But, the OP is 46, and as another poster pointed out, if he got hired today at a regional, he'd be at least 3-5 years from being competitive at a major if all goes well--sooner if he really gets lucky. That makes him 50-52 years old minimum when he starts, giving him less than 15 years.

If it doesn't work that way, the alternative is he gets on with a regional, upgrades, and stays there, making decent money as an RJ captain. If he's lucky, that regional is around to the end of his career (19 more years). If he's not so lucky, that regional fades away or is merged.

D5Pilot, if I were you, I'd think this through pretty extensively. I think I'd stay where you are. If you retire at 55, you can still jump into a regional, probably with your government health insurance, and with that 3/4 pension you mentioned. You'll see captain on an RJ, and you might even get hired at a major for a couple of years. On the retirement alone, you need to do the math to figure out how much money you need to put away just to make up the money you will lose on your pension.

Further, I think if you wait, regional pay will go up. That's my opinion, but I could be wrong.

 

Would you?

Honestly, no.

Especially if you have any type of family, kids, etc.

The regional model requires poverty wages for your first few years for the regional to exist.


Now if you can find a corporate gig or something else that will bridge the gap then maybe, but I would stay away from the regionals.