How big is your DPSP?
#12
Banned
Joined APC: May 2017
Posts: 163
Personal question, I know. But this being an anonymous forum, I thought I'd give it a shot. Just trying to get a gauge for whether or not I'm on track with my savings compared to what other Delta pilots are doing. If you care to share, please post your approximate balance and how many years you've been employed.
P.S. Not interested in the stolen retirement debates that I expect from some of you
P.S. Not interested in the stolen retirement debates that I expect from some of you
Its funny how most pilots will brag about W2’s but ask how much of it they saved and you get the OOOOOOO face!
#13
Gets Weekends Off
Joined APC: Mar 2007
Position: Petting Zoo
Posts: 2,068
Kinda lost myself, 37 pages of W2s and yet this is degrading somehow?
Anyway, here's a different question, what is your target at age 65? Or maybe, if you hit it you might go earlier?
I figure at 65, kids out of college and [hopefully] established and house paid off, $3M would be nice. I won't get there, but it's a target.
Anyone else?
Anyway, here's a different question, what is your target at age 65? Or maybe, if you hit it you might go earlier?
I figure at 65, kids out of college and [hopefully] established and house paid off, $3M would be nice. I won't get there, but it's a target.
Anyone else?
#15
Gets Weekends Off
Joined APC: Jun 2015
Posts: 4,116
Kinda lost myself, 37 pages of W2s and yet this is degrading somehow?
Anyway, here's a different question, what is your target at age 65? Or maybe, if you hit it you might go earlier?
I figure at 65, kids out of college and [hopefully] established and house paid off, $3M would be nice. I won't get there, but it's a target.
Anyone else?
Anyway, here's a different question, what is your target at age 65? Or maybe, if you hit it you might go earlier?
I figure at 65, kids out of college and [hopefully] established and house paid off, $3M would be nice. I won't get there, but it's a target.
Anyone else?
Its not so much how much one has saved as it is how much one is obligated to spend. Retire debt free. With hopefully kids and college done.
Odds are we have maybe 10 years after goin at age 65. Be free and clear and im sure even the least successful of us will have enough to enjoy whats left having peace of mind.
#16
Gets Weekends Off
Joined APC: Jun 2015
Posts: 4,116
Prior to 1996 pwa retiring dal pilots known as 'pre-72' enjoyed a dual track retirement benefit consisting of the greater value of the 1969 pwa terminated S&P indexed DC plan as if had continued in effect....or the subsequent w2 based 60% non lump payout FAE DB plan.
Idk how many pre 72 retiring pilots elected the non lump 60% fae DB ...but im guessing 0.
Cuz the 96 pwa amendment terminated the S&P indexed benefit for the approx 1700 pre 72 pilots still on property. It was too expensive for delta to sustain.
As an offset the 96 pwa instituted a 50% lump payout option for the qualified component of the 60% fae DB plan. Didnt make much sense to me to abuse a trust never structured or funded to pay lump benefits was gonna turn out any better than continuing the unsustainable pre 72 DC payouts...but thats what we did.
So pre-bk and post 96 a delta pilots retirement was based on 60% highest 12 month fae in last 36 mos i believe. Not an easy number to guess at as our pwa has always had substantial income multipliers. And a pilot in the final 36 month window typically harnessed up for max effort.
We also instituted some pension spiking features like vacation sell back.
On retirement im guessing 99.9% of delta pilots took the 50% lump for the qualified component of the 60% fae db plan. The balance of the benefit (unqualified) was paid as an annuity...from current year revenues. As an operating expense.
This is what allowed mgmt on day 2 of bankruptcy to have the 1st piece of paper put in front of the judge approval to terminate the operating expense of unqualified retirement payments to pilots.
And with the stroke of a pen....retired pilots watched their annuitized pension payments...representing perhaps 40% of total earned benefit....get zeroed out.
At least thats what my memory recalls as the case.
Last edited by BobZ; 01-15-2018 at 09:29 AM.
#17
Gets Weekends Off
Joined APC: Sep 2016
Posts: 101
Bankrate.com had a nice retirement calculator to help you get a feel for what you need to be doing. As Bob said, consider income required in retirement. https://www.bankrate.com/calculators...alculator.aspx
#18
Gets Weekends Off
Joined APC: Jun 2015
Posts: 4,116
History indicates wages will lag inflation. So any wage indexed annutized retirement benefit will reflect that calculation.
Any annutized retirement absent a cola adjustment will begin devaluing at the point of initiation.
Annutized retirement plans also alter the perspective and psycology of the beneficiary not only in alternative tangible saving efforts...but also to supress current day interpretations of ones genuine compensation valuation.
Little today is unchanged in form, value or function as it was 30 years sgo.
That goes double in this industry.
Any annutized retirement absent a cola adjustment will begin devaluing at the point of initiation.
Annutized retirement plans also alter the perspective and psycology of the beneficiary not only in alternative tangible saving efforts...but also to supress current day interpretations of ones genuine compensation valuation.
Little today is unchanged in form, value or function as it was 30 years sgo.
That goes double in this industry.
#20
New Hire
Joined APC: Jan 2015
Position: Concourse A
Posts: 779
year 4 guy..In addition to the company 17% now I dump in an additional 10% every month plus around half of my PS check each year. I'm on track to retire early.. I'm already tired now..I'm sure by 60 Ill be ready to be done.
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