I'm amazed at the number of new hires hired over 55, even a few over 60? What's the rationale in that? The old conventional wisdom was the company needed a pilot to stay as long as possible to amortize the training and general employment costs, hence the old " 28 or your unlikely to get major job". I was the oldest guy in my EA class at 33 in '85.

Hmmmm....

GF

 

When I centered on that pilot you're speaking about they were hired in 2010 at 57, there is very little room between the plug and 2010 hires when you're looking at that chart.

FWIW, there are three pilots on the list hired at 57 (almost 58). Nobody can claim age discrimination, that's for sure.

 

Unless, you find those 5-6 dots and "persuade" them to go out before you.

 

When Delta hired in 2010 a Compass flow up pilot had taken his early out from Delta couple of years earlier

 

It "looks like" what ever -you- deposited to your own 401K plus the company puts in 15% of what ever you're earnings were. Even if you were making $200,000/yr. that's only $30K per year. I don't think there is any minimum vestment time anymore, is there?

How much money do you think you'll need to "Retire", when you hit age 65, and not seriously lower your standard of living?

$1 Million? Two? Three?

My guess is, at least $3 Mill in the bank (in today's dollars, inflation is going to kill you in 20 years), to live off the interest and take some principle out each year, for the next 25 years, age 65-90.

So how many years do you think you'll have to work to generate enough money to retire on, at a whopping $30K/yr, if you're even close to earning $200K for 30 years to begin with?

Quick math in public: If you earned on average; $200K (before taxes remember!) for -30 years-, the company would have only put in $900,000.

Not even one Mil.

My (lost) DB plan was worth $1.4 Mill after only 20 years service. Any wonder why the company wanted to get rid of that retirement plan?

Think you can retire at 65 and live to be 90, on less than a Million? $1 Million, divided by 25 years in retirement means living on $40,000/yr. Think you can live on that?

Maybe, if you live in van, down by the river.

 

]To add, the classic answer is one can withdraw 4% of the 401 money each year with about an 80-ish% probability of not running out of money. If interest rates stay where they are, make it 3%. The other classic answer is replace 70% of your pre-retirement income in retirement. The 415 programs were not designed to replace pensions, it just worked out that way.

You're taking the risk that, over your career, the principal will grow--A LOT.

In timbo's example, you'd need about 3.5 mil to replace 200k in final year income. 200,000 x .7 = 140,000. 3,500,000 x.04 = 140,000. The Scotch low light in KIX DL Lounge is ON.

GF

 

You may have to switch to....


Saki!

 

Can someone explain how Delta decides seniority amongst a class of initial trainees? Is it age, last four of SSN (high to low, low to high)?

Thanks

 

I found my ball....why is it blue?

Seriously, older dudes than me junior to me! Sweet!

 

Obamacare? Just a thought.