LeineLodge

No problem. Spend some time reading around on that guy’s website. He does an excellent job laying it all out:

WCI - Start Here

Some financial advisors may not even be aware of the mega Backdoor Roth as not all plan documents allow for it (ours does!) although it is becoming more prevalent.

Either way, you’ll get more out of the meeting with a quick crash course through the reading list above.

crewdawg

What LeineLodge said. We're discussing two VERY different things here...the articles he mentions are great. In-plan conversion OR Mega back door pertain to money in you DPSP. [Traditional] Backdoor Roth IRA pertains to money going from your Traditional IRA to Roth IRA. That's why I find it annoying when people generically use the term "Roth." This alone causes more confusion in internet discussion on this subject than anything else. It's important to clarify whether they mean Roth 401k or Roth IRA. He's also correct about financial advisors not knowing about the mega back door. I interviewed 2 "advisors" who hadn't heard of it.

Buck Rogers

Instead of 14,500 pilots ALL hiring financial advisors, wouldn't it be nice if we had a union that would at least lay out the basics of this? Just a primer that is cogent as opposed to 10 pages of "thoughts" that are a hodgepodge of "beliefs". One can always hope

Falcon20

True but unfortunately there will be 15 pages of thoughts on the agenda the union/company has.

Buck Rogers

Well, maybe. But if they used my $10,000 plus in dues that I paid last year and hired a financial/estate planner, I would like to think that some good accurate gouge could be produced to at least make a semi-informed proletariat. OR....take $100 out of the dues of all 14,500 Delta pilots and hire a full time estate/financial planner full time for a mere 1.45 Million $$$$ per year. That would be a most excellent use of a small,small part of my dues dollars

iaflyer

And then the union might be on the hook when something doesn't go right, etc. They might get sued.. better to let a financial advisor help.

crewdawg

I think Buck has a good point. For less than $100/pilot, I'm sure we could retain the services of a good firm. Then again, I once watched two WB Capts get into a heated exchange for 15 minutes with a Japanese hostess over ¥150. I'll do the conversion for you, that's about $1.36...between the two of them. So you're probably right about the lawsuit.

GogglesPisano

^^^^^This^^^^

Buck Rogers

Ahhhh, alas internet forums strike again. Something that is so common-sensical gets shot down over straw man arguments. I never suggested telling me what to do....only explaining the options in a clear concise format. If you are not even familiar with what your "options" are, how do you ask an informed question? Asking 2 "financial advisers" about "mega back door roth conversions".....and getting shoulder shrugs of bewilderment is not a great testament to "professional" advise.


But sure, why not have 14,500 pilots all spending $1,000 to get the basic information as it pertains to Delta pilots? Let me see......$1.45 million dollars at $100 per pilot.....Or.....$14,500,000 cumulative.....all for the same basics.

Question....Does Delta say benefits enrollment is open, pick your poison....figure it all out on your own? Or do they provide at least a primer of what the options are so more "homework" can be done if desired? I bet at least 70% of Delta pilots have never even heard of a Mega Back Door Roth !

Has anyone wondered what ALPA does with the doubling of revenues(dues) from the bankruptcy day wages to today's wages.....oh wait.....they did decrease my dues from 1.95% down to 1.85% on the doubling of wages. I have a niggling suspicion that a very, very small portion of the dues could provide a very, very big impact to the vast majority of pilots.

Not trying to stifle contrarian views, always looking for my "humor" of the day

GogglesPisano

Absolutely. We should hire that "Alex" guy -- I'm not kidding.