Duffy is probably referring to this
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The SHOW: Airlines still a "good gig"??
- Thread starter A4sForever
- Start date
I mean, I'm not a fan of over prioritizing diversity but if airlines, flight schools, or any private sector entity in the industry wants to advance diversity while maintaining standards, it's really none of the government's business. Maybe let the free market and customers sort it out. That's the way I remember the GOP used to think; I guess that's no longer the case.
Chuck - how much day drinking is your current employer allowing these days?
I honestly wonder how such an order ending DEI hiring at the airlines will end up affecting military transitions. Generally speaking, veterans are a protected class (like gender and race/color) and are often hired for positions over applicants with a greater number of and more directly relatable flight hours.
One of my, at least, top 25 forms of drinkingday drinking on the taxpayers dime!!!
lol
Fins Out
Well-Known Member
I don't forsee much impact for military folks. Once you're at the professional stage where the major airlines will even look at you it's almost a given you know how to fly an airplane regardless of 1,500 hours vs 10,000.
They're going to be looking at leadership and decision making as they are really hiring future captains.
I only flew around 400 hours during one of my OEF deployments but I feel comfortable putting that experience side by side with a part 121 captain flying double that in the same time frame.
Plus, mil folks can still tank the interview. It's not a given to be hired just based on your resume alone.
…that Omega Speedmaster Moonwatches suck…Patek Philippe is the ‘cool guy’ watch…check out the el cheapo PP Calatrava that the mad dog ‘action figure’ was eyeballing yesterday…only $30K…and it’s used…
AIRMMCPORET
Plan “A/B” Retired
I had a Patek Philippe I got out of a storage locker sale, wore it awhile, decided I’d rather have the cash for something more useful.
Somebody at Delta actually did the math. Keep in mind that the numbers in the example below were from the previous contract. The new contract has wages that are 35% higher, the company 401K contribution is now 18%, and the IRS 401K contribution limits have gone even higher. Also, contributions beyond the 401K limits now go into other retirement vehicles, like a MBCBP. For simplicity though, here is the old contract's calculations that don't include any of those new features (I have not verified the math myself):
It’s an example of what a pilot might have in retirement funds at age 65 if his/her career mirrored that of the following “fictitious” pilot, who I’ll refer to as “Stevie Canyon.”
Based on my calculations, Stevie Canyon will have $7,947,454.49 in retirement income available at age 65.
Stevie Canyon’s retirement number is based on the following:
- Hired at age 30 and retired at age 65
- 2019 pay rates (captain and first officer) *Note: No raise - ever!
- Career progression: A220 F/O x 4 yrs; A320 F/O x 4 yrs; A330 F/O x 4 yrs; A350 F/O x 4 years; A220 Capt x 4 yrs; A320 Capt x 4 hrs; A330 Capt x 4 yrs; and A350 Capt x 7 yrs
- Yearly salary based on 80 hrs/mo x 12 months + 5%/yr profit sharing
- Defined Contribution (DC) 16%/yr
- 401k contribution of 10%/yr + $5,000 “catch up” each year starting at age 50
- IRS DC and 401k contribution limit of $69k/yr increasing to $74k with $5,000 “catch up” added at age 50
- Annual rate of return of 7%. *Note: Looking at the S&P 500 for the years 1992 to 2021, the average stock market return for the last 30 years is 9.89% (7.31% when adjusted for inflation)
- No adjustment for training - Upgrade or CQ
- Retirement savings prior to age 30 are not included
- Spousal retirement savings are not included
Total career salary: $9,116,442.73
Average yearly salary: $260,469.79
Final year A350 captain salary: $356,680.80
*Note: In Stevie Canyon’s 21st year (age 51), he/she reaches the IRS limit for 401k and DC contributions. From this year on, excess DC money will be paid as additional salary. This is why I strongly believe it should be “optional” to receive this money as taxable income versus having it put into an additional retirement account that is taxed at a later date. Given the amount of retirement income Stevie Canyon will have, he/she may not want or need more. He/she may still have expenses and quality of life improvements the excess money can be used for.
Financial advisors suggest withdrawing 4% a year from retirement accounts. If you calculate your living expenses at age 65 to be $80k/yr, for example, you will need $2 million in retirement savings. *Note: Additional income, i.e., Social Security, military retirement, PBGC benefits, HSA, etc… are not included in the calculation.
The quickest way to increase the withdrawal power of your retirement nest egg by $1 million is to decrease your living expenses by $40,000/yr.
**$7,947,454.49 x 4% = $317,898.18. This amount equates to approximately 89.126% of Stevie Canyon’s final average earnings (FAE) of $356,680.80.**
That ain’t chicken feed!