AGA 60 and Retirement
09-14-2007 | 09:19 AM
#51
Gets Weekends Off
Joined: Jun 2006
Posts: 732
Likes: 0
Seeing how a 30% pay raise will be rewarded with a 45% increase in productivity, then I vote we stay with the A plan and improve the B. I do not want to work more to fund my own retirement !
09-14-2007 | 09:24 AM
#52
Gets Weekends Off
Joined: May 2007
Posts: 217
Likes: 0
From: A300 F/O
JetJok -
Guess I just thought that taking advantage of something like a 401K would be "a no brainer". Really does boggle my mind...Although I shouldn't be surprised, as I have flown with a 72 Capt who told me he was living paycheck to paycheck. Amazing.
Fly safe.
Guess I just thought that taking advantage of something like a 401K would be "a no brainer". Really does boggle my mind...Although I shouldn't be surprised, as I have flown with a 72 Capt who told me he was living paycheck to paycheck. Amazing.
Fly safe.
09-14-2007 | 09:30 AM
#53
Gets Weekends Off
Joined: May 2007
Posts: 152
Likes: 0
From: FDX Airbus F/O
Do you think there are really guys out there that don't fully fund their 401k? Not being a smart a$$...just find it hard to believe that people would give that up.
But that's the point. It's your decision what you do with the money. There will always be those people who just don't get it or care. Why not let Darwin take care of them.
09-14-2007 | 09:32 AM
#54
Line Holder
Joined: Sep 2006
Posts: 1,209
Likes: 12
From: MD11 FO
Won't work. FedEx pilots die early and often. Those that survive to a decent age make a ton but are fewer than you think.
No way the company will trade the good deal they have on the A plan with all the early deaths for an expense buyout.
Sorry
Gunter, you hit the nail on the head as to why it will not work. Most people think they are going to live to be 90, but probably only about half make it to 75. Therefore, all the pilots would want a buy-out equal to the payout assuming they lived to be 90. However the company knows they only have to pay out to the average age which is quite a bit lower. I'm sure that dollar figure is a lot less than most people think. Especially when you consider the investment value of the money set aside.
No way the company will trade the good deal they have on the A plan with all the early deaths for an expense buyout.
Sorry
Gunter, you hit the nail on the head as to why it will not work. Most people think they are going to live to be 90, but probably only about half make it to 75. Therefore, all the pilots would want a buy-out equal to the payout assuming they lived to be 90. However the company knows they only have to pay out to the average age which is quite a bit lower. I'm sure that dollar figure is a lot less than most people think. Especially when you consider the investment value of the money set aside.
Makes sense but does anyone have any hard data as to how many guys are actually retired and rcving the A plan, how many have died, average longevity, average payout? It would seem that ALPA could compile this info w/o too much trouble. When I emailed the R&I Chairman two times early this year and a R&I staffer at ALPA I got the typical response - nothing.
09-14-2007 | 10:08 AM
#55
Line Holder
Joined: Oct 2006
Posts: 37
Likes: 0
Tuck, you have good questions, so I did a quick Google. Check this out. As with all things, I don't always believe everything I read.
http://faculty.kfupm.edu.sa/coe/gutu...sc/retire1.htm
http://faculty.kfupm.edu.sa/coe/gutu...sc/retire1.htm
09-14-2007 | 12:41 PM
#57
Gets Weekends Off
Joined: Sep 2006
Posts: 3,717
Likes: 0
From: Retired
Yes, it is a no brainer. Says a lot about some folks on the property, doesn't it. And for the record, right now the FAA says I can't fly, until 6 months from the date of my surgery. I guess on the 6th month and first day, I'm all of a sudden "Safe." It's a good damn thing.
09-14-2007 | 12:44 PM
#58
Gets Weekends Off
Joined: Aug 2005
Posts: 980
Likes: 0
From: Retired
Hmmm?Early Retirement, Early Death?
55-Year-Old Retirees Die Sooner Than 65-Year-Old Retirees
By Daniel J. DeNoon
WebMD Medical NewsReviewed by Louise Chang, MDOct. 20, 2005 -- Early retirement is supposed to give you extra golden years to enjoy. But that may not happen, a new study suggests.
A study of Shell Oil employees shows that people who retire at age 55 and live to be at least 65 die sooner than people who retire at 65. After age 65, the early retirees have a 37% higher risk of death than counterparts that retired at 65.
That's not all. People who retire at 55 are 89% more likely to die in the 10 years after retirement than those who retire at 65.
"This difference could not be attributed to the effects of sex, socioeconomic status, or calendar year of the study, although the poorer health status of some early retirees may play some part," note Shan P. Tsai and colleagues at Shell Health Services.
The researchers looked at all past employees of Shell Oil who retired at ages 55, 60, or 65.
"Mortality improved with increasing age at retirement for people from both high and low socioeconomic groups," they found. "Retiring at 65 was not associated with a greater risk of mortality than retiring at 55 or 60."
The findings appear in the online edition of the British Medical Journal.
55-Year-Old Retirees Die Sooner Than 65-Year-Old Retirees
By Daniel J. DeNoon
WebMD Medical NewsReviewed by Louise Chang, MDOct. 20, 2005 -- Early retirement is supposed to give you extra golden years to enjoy. But that may not happen, a new study suggests.
A study of Shell Oil employees shows that people who retire at age 55 and live to be at least 65 die sooner than people who retire at 65. After age 65, the early retirees have a 37% higher risk of death than counterparts that retired at 65.
That's not all. People who retire at 55 are 89% more likely to die in the 10 years after retirement than those who retire at 65.
"This difference could not be attributed to the effects of sex, socioeconomic status, or calendar year of the study, although the poorer health status of some early retirees may play some part," note Shan P. Tsai and colleagues at Shell Health Services.
The researchers looked at all past employees of Shell Oil who retired at ages 55, 60, or 65.
"Mortality improved with increasing age at retirement for people from both high and low socioeconomic groups," they found. "Retiring at 65 was not associated with a greater risk of mortality than retiring at 55 or 60."
The findings appear in the online edition of the British Medical Journal.
09-14-2007 | 12:45 PM
#59
Gets Weekends Off
Joined: Jan 2007
Posts: 138
Likes: 0
From: MD-11 FO
Take a hike -- you can work til 80 -- I'm quitting at 60 no matter what (with 2 retirements)
No, no, no. The whole idea is not to increase the benefits if you work past 60...But, to make it less lucrative to continue working.
With the plan I'm touting. We kill 2 birds with one stone. We can all still retire at age 60 and less people will want to continue working past age 60. As, they wouldn't be gaining any more retirement benefits. I say we have a poll, on it.
At least, that's the way it should be until I retire at age 60. Then, you can all do whatever you want. Maybe, the retired military guys could work at Fedex for 25...Then, work for another retirement at UPS until they're age 90, or so.
With the plan I'm touting. We kill 2 birds with one stone. We can all still retire at age 60 and less people will want to continue working past age 60. As, they wouldn't be gaining any more retirement benefits. I say we have a poll, on it.
At least, that's the way it should be until I retire at age 60. Then, you can all do whatever you want. Maybe, the retired military guys could work at Fedex for 25...Then, work for another retirement at UPS until they're age 90, or so.
