Airline Pilot Central Forums - Minimum Balance Plan

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Gunfighter

11-16-2022 07:07 PM

Quote:

Originally Posted by notEnuf (Post 3533166)

That pile of cash buys the income stream. I dream of owning a lemonade stand on the moon. I haven’t found on for sale yet so more cash on the pole for now. Just in case I’ll live off the pile when I shift to income from growth. We get what you are saying but I cashed out for peace of mind and time recovery. I’ll be fine but I won’t be doing pouring over financials or syndicated deals or trying to raise financing anymore. I’d rather spend my time studying the feeding habits of trout and getting my A&P.

I just threw up a little. If you stay off the pole I'll vote for the MBCBP and Min Balance. :D

Typos aside we're heading for similar goals. We just have differing approaches to reach them. I have years of turning wrenches, but never went the extra distance for my A&P. I'm all for allowing you the choice for MBCBP, but won't support mandatory MBCBP. Those taking a different path also deserve a choice.

notEnuf

11-16-2022 07:19 PM

Quote:

Originally Posted by Gunfighter (Post 3533167)

I’m generally for choice. On retirement we have an intent for the DC and an ask for additional DC. We need a vehicle for those funds or we don’t have a legitimate argument for additional DC because it just ends up as wages anyway. The green slip fountain will dry up and the hourly rates will be range bound by our peers. Profit Sharing and DC increases are the only break out potential for earnings. We are hobbling ourselves by not having this vehicle.

I edited it too late. I’m going to threaten my Speedo pics if you don’t vote for MY (really our) plan.:D

O R C A

11-17-2022 07:32 AM

At risk of speedo pics

I am looking to purchase a home in 2023, and current interest rates are 7%. Do I want to lock excess money into a guaranteed 5%?

Option A: NO
Option B: NO as well

notEnuf

11-17-2022 08:29 AM

Quote:

Originally Posted by O R C A (Post 3533377)

At risk of speedo pics

I am looking to purchase a home in 2023, and current interest rates are 7%. Do I want to lock excess money into a guaranteed 5%?

Option A: NO
Option B: NO as well

With the mortgage interest deduction effectively gone, it doesn't matter. I don't know the details, 5% was thrown out as a minimum. There will be some market float but it will track closer to interest rates than equities.

connollc

11-17-2022 12:00 PM

Quote:

Originally Posted by notEnuf (Post 3532976)

If you make $330K or less it's a moo point. What portion of the group will make more than that in 2023?

Question for clarification…if/when one reaches the 415c limit of $66,000 (2023) before the end of year, any company contributions are also then dispersed as DPSP excess cash, correct? So there are two limits to reference wrt DPSP excess, the 415c limit and the income limit of $330,000.

notEnuf

11-17-2022 12:20 PM

Quote:

Originally Posted by connollc (Post 3533526)

16% of $330,000 is $52,800. 20% of $330,000 is $66,000 should we get that as a DC. You will not exceed the limit unless you make individual contributions that exceed the difference. Some people front load the 401k to force excess cash. There’s an ALPA R&I email out that explains it. I got it today.

crewdawg

11-17-2022 12:29 PM

Quote:

Originally Posted by connollc (Post 3533526)

Question for clarification…if/when one reaches the 415c limit of $66,000 (2023) before the end of year, any company contributions are also then dispersed as DPSP excess cash, correct? So there are two limits to reference wrt DPSP excess, the 415c limit and the income limit of $330,000.

Correct. This distinction is why many of us oppose the plan to send excess into the underwhelming plan that's being talked about.

bugman61

11-17-2022 12:31 PM

Quote:

Originally Posted by notEnuf (Post 3533534)

Or if you make more that $330,000. Which many people do today, and even more will do under a hypothetical new contract that will have significant raises.

NavyFlyer

11-17-2022 01:59 PM

Quote:

Originally Posted by Trip7 (Post 3532507)

Anybody else goal is to have more liquid money/assets than you have in retirement accounts? Overall I think too many people focus on retirement in 50s and 60s and not enough on Financial Freedom in the near future. Keep working hard, fill up that 401k but you can't touch it in large amounts until 59 1/2 without massive penalties. It's almost as if it's a vehicle built to shackle folks into working til their old.

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You get it.

This is why I like my excess coming to me and not the MBCP. I invest it in my own brokerage account.

So that I can live off that $$$ and work less for DL until I start drawing from my 401k at 59.5 yo.

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NavyFlyer

11-17-2022 02:10 PM

Quote:

Originally Posted by boog123 (Post 3532623)

Really original, used quite a bit of critical thought on that. Who exactly is he? The only people I know with those kind of “things” have family money, family business, spouse with great job. You sound a little bitter. What’s up?

Really? When I was an FO I had many CA’s claim to be DZ’ers that had exactly that… or more. And they proudly showed me the photos of their toys and 401k balances.

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