I believe that you shouldn't need to *consistently* withdraw from 401(k) principle. Again, it's a savings plan, not a retirement plan.

1. By the time you retire, most of your 401(k) should be in low-risk financial instruments like bonds, averaging around 4%, not 7%. This would require about $3.5 million in 401k savings.

2. How many years of working for UAL would it take to get $3.5 million in your 401(k)? This depends on the market. If the market goes negative for a decade or two, then what?

Good grief, no, it shouldn't. Day of death isn't known unless you have a plan to kill yourself on a specific day. Plus even if done properly, this leaves absolutely no wealth for your legacy. Genius advice like yours is the reason why taking financial advice from pilots is never a great idea.

Actually not necessarily true. With some plans, depending on how you elect to receive it, there are options to take a reduced amount that will continue to go to your spouse when you die.

 

Go ahead and go to your grave with millions of dollars left in your 401k account… See if you can enjoy it in your afterlife… You would have made a good Egyptian pharaoh.

 

I don't understand that other 20-25%. At this point it's obvious it won't pass, and reading between the lines it's evident ALPA kept the vote going to show unity in its rejection. Unless Yes voters actually think it has a chance, why not just bolster the show of solidarity for better TA2 leverage?

 

I would say that the 20-25% are mostly pilots that are going to be retiring within the next 3-5 years. They just want some money before exiting stage left.

 

Happy to see a discussion on retirement. Maybe this horrific TA woke a few pilots up from their 20 year coma. A 401k is NOT a retirement plan. It's a tax differed savings plan with contribution limits. If it's sooo wonderful why are all the politicians hanging onto their pensions?.State and federal. Pilots bought that BS without even questioning it and ALPA sold it. We should have both a 401k and a pension in order to retire in the way any financial planner will tell you to do it.

 

A pension is a pyramid scheme. Most companies and employees have figured this out. Companies stopped offering them and employers stopped asking for them (well except some boomers stuck in the past). Even the military stopped offering pensions!!!

 

You are out of your mind. Pensions only resemble a pyramid scheme when irresponsible corporations fail to contribute appropriately along the way (think Social Security). Properly funded pensions are in no way a pyramid scheme.

Companies stopped offering pensions for their own benefit. The military stopped because they wanted to give people who didn't do a full 20 years portability for their retirement money (for recruiting purposes) - and because it was cheaper for them.

Maybe know what you're talking about before you type.

 

I can't believe how many people I've flown with still want a pension. It's like they never learn. Pensions have gone away for good reason. They're a scam (yes, some people have benefited from them, but the system is a scam overall just like many pyramid schemes).

I want my retirement money in my name, managed by me, and I want it today.

I don't want some promise of money in the future.

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Thick melons and not the fun kind.

 

Some money is right. If they held out for nothing more than a non-insult retro window they’d get more going out the door.