FDX over 60's retirement outcome
#1
FDX over 60's retirement outcome
So lets see since ya'll decided to stay past 60 what's happened to your retirement;
401K, B fund dropped like a rock depending on portfolio and could have losses in the neighborhood of 40%. Trending down.
High 5 average earnings...Hope you already got em! Unobtainable now with BLG redux.
Lost time at home enjoying retirement and xx number of days closer to 6 feet under.
So how has that decision shaped up so far! Guess the I'll take mine at any cost attitude is getting more expensive.
If it were me I guess I would be having serious thoughts of any future issues with retirement in this severe economic downturn.
401K, B fund dropped like a rock depending on portfolio and could have losses in the neighborhood of 40%. Trending down.
High 5 average earnings...Hope you already got em! Unobtainable now with BLG redux.
Lost time at home enjoying retirement and xx number of days closer to 6 feet under.
So how has that decision shaped up so far! Guess the I'll take mine at any cost attitude is getting more expensive.
If it were me I guess I would be having serious thoughts of any future issues with retirement in this severe economic downturn.
Last edited by FDX1; 01-01-2009 at 08:59 AM.
#2
Gets Weekends Off
Joined APC: Sep 2006
Posts: 329
Give it a rest already...
Come on people, let's stop strumming that out of tune chord called "Old Guys Retire." The market is in the crapper, so there is a great chance that these people were hit like we were. Not as bad if they moved to bonds like they should have preparing for retirement, but still bad. They are allowed to stay, have more stringent medical requirements than the rest of us and are choosing to stay. Get over it, it's not their fault the law changed and I don't blame them for doing what's right for them and their families.
Isn't it interesting that you're calling foul on them doing what's right for themselves, but at the same time calling for them to split because it makes it right for you?...
Duplicate post, but it seems appropriate to do so.
Isn't it interesting that you're calling foul on them doing what's right for themselves, but at the same time calling for them to split because it makes it right for you?...
Duplicate post, but it seems appropriate to do so.
#4
I agree with you, but isn't it just the high 5, not the last 5? If you're over 60 and went to the S/O seat for 5 years, wouldn't your high 5 still be calculated from when you were an MD Captain?
#5
Gets Weekends Off
Joined APC: Nov 2006
Posts: 426
Sluggo, it is ANY 5 for the "High 5"
I think he was trying to communicate that there are over 60 guys staying in a window seat that never moved (59 before the law enacted last year) and still might have been working on their High 5
I think he was trying to communicate that there are over 60 guys staying in a window seat that never moved (59 before the law enacted last year) and still might have been working on their High 5
#6
So lets see since ya'll decided to stay past 60 what's happened to your retirement;
401K, B fund dropped like a rock depending on portfolio and could have losses in the neighborhood of 40%. Trending down.
High 5 average earnings...Hope you already got em! Unobtainable now with BLG redux.
Lost time at home enjoying retirement and xx number of days closer to 6 feet under.
So how has that decision shaped up so far! Guess the I'll take mine at any cost attitude is getting more expensive.
If it were me I guess I would be having serious thoughts of any future issues with retirement in this severe economic downturn.
401K, B fund dropped like a rock depending on portfolio and could have losses in the neighborhood of 40%. Trending down.
High 5 average earnings...Hope you already got em! Unobtainable now with BLG redux.
Lost time at home enjoying retirement and xx number of days closer to 6 feet under.
So how has that decision shaped up so far! Guess the I'll take mine at any cost attitude is getting more expensive.
If it were me I guess I would be having serious thoughts of any future issues with retirement in this severe economic downturn.
These guys are living a dream right now and won't be going anywhere. We need to accept it and move on..
#7
Foul? Who's Foul?
You must be kidding? First, read my post again. I never called foul for them staying. What I'm saying is that in hindsight they haven't done much for their retirement and may have been better off had they left a year ago.
Now I am calling for them to retire based on the upcoming BLG reductions we will all face. I realize the economy has everything to do with why we are in a reduced flying schedule. But the overmanning was certainly exacerbated by the 130-140 guys that chose to hang out in the back for the rule to change and the other 150 or so who have chosen not to retire since the rule change. Do you really think this isn't part of the problem? Obviously it is a significant and worsening part of the problem as more guys come up on 60 and decide to stay as this will only worsen an overmanned situation. Is it asking too much for those guys that have reached 60 and will take a FULL retirement to GO? I think not. Its the right thing to do for them, us and the company.
#8
Gets Weekends Off
Joined APC: Sep 2006
Posts: 329
FDX1, I agree with you that someone who has 25+ years here and a maxed out high 5 should vamoose. I would. Those who stick around and meet these criteria are obviously adding to the problem, no question. However, I don't think there are as many of them around as everyone seems to think. Anecdotal stories are great, but they are not evidence.
I know a number of over 60 guys who have 8-12 years here. Every year they stick makes 2% more in their monthly retirement check regardless of a reduced BLG. A guy whose high 5 average is 150K makes 15K/year more in A-Fund payments by sticking around those 5 extra years. Maybe you think these guys should give this up for the 'greater good', but I don't. The die you set here is cast for good once you retire. I don't begrudge these fellow pilots the opportunity to increase what they will pull in once they do retire. I haven't seen any data showing the large majority of over 60 pilot have already got 25 years here, have you?
I know a number of over 60 guys who have 8-12 years here. Every year they stick makes 2% more in their monthly retirement check regardless of a reduced BLG. A guy whose high 5 average is 150K makes 15K/year more in A-Fund payments by sticking around those 5 extra years. Maybe you think these guys should give this up for the 'greater good', but I don't. The die you set here is cast for good once you retire. I don't begrudge these fellow pilots the opportunity to increase what they will pull in once they do retire. I haven't seen any data showing the large majority of over 60 pilot have already got 25 years here, have you?
#9
Are we there yet??!!
Joined APC: Apr 2006
Posts: 2,010
The medical requirements will increase. Maybe not today, maybe not tomorrow but they will and it will be because of some age 65 data and then we are all gonna get screwed. Mark my words.
#10
On Reserve
Joined APC: Aug 2006
Position: Airbus Captain
Posts: 21
Good Grief!!!
The attitude displayed by some here is disgusting! I thought our union represented everyone flying here but some of you would have us believe that despite current FAR's & company policy that if a pilot is deemed to old or has made his fair share (whatever that is) he should be forced to quit. Get over it for Christ's sake! The law changed, the company & union are both abiding by it & so should the rest of us. Nothing stays the same & there are no guarantees except that nothing stays the same. The best course of action now is to knock off the whining about a few old guys that still want to fly & support the guys that are trying to salvage what they can before our management puts it to us any worse than they already have!
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