Jump to content


UpperLimit2011General_468x60TigerTugsVRForumGen468Helicopter AcademyVOLO_VRGeneral468
Photo
- - - - -

Retirement


  • Please log in to reply
8 replies to this topic

#1 cryesis

cryesis

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 223 posts
  • Gender:Male

Posted 14 March 2017 - 17:58

Whats everyones retirement plans look like as a career pilot? What sector do you work in and what does your employer offer?.....This seems to be a topic that none really seems to talk about when they look at a career as a pilot.


  • TeoerryNug likes this

#2 Azhigher

Azhigher

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 476 posts
  • Gender:Male

Posted 14 March 2017 - 23:40

Matching 401k @ work (200% match up to 3%) and a roth IRA on my own. Load those suckers up, you never know when your medical will give out.



#3 avbug

avbug

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 1,334 posts
  • Gender:Not Telling

Posted 15 March 2017 - 01:37

What's this "retirement" thing of which you speak?
  • Fred0311 likes this

#4 Eric Hunt

Eric Hunt

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 642 posts
  • Gender:Male
  • Location:Near the beach

Posted 15 March 2017 - 02:34

Azhigher, you get $401k per year?

 

Beat me by $1k you rat....



#5 edspilot

edspilot

    VR Veteran Poster

  • VIP Member
  • PipPipPipPipPipPipPip
  • 248 posts
  • Gender:Male

Posted 15 March 2017 - 09:55

Retirement:

 

Plan, Plan & Execution!

 

Having said that, now the action must take place to have any chance at it.

 

Option 1:  Do nothing.  Sadly, the most used....

 

Option 2:  Work for a company that has a 401k w/matching of some % and put at least the amount matched. (doubles your money)  Save some extra in something that you can get to in case something happens.  If you are lucky and never need it, great, more saved.

 

Option 3:  Fly for a government agency (Fed, State, County, City) that has a defined retirement system.  These are good jobs that pay good, not the best but are secure with good other benefits.  Understand, like military, during your career, you may have to get out of flying from time to time, to "move" in the organization in order to secure a better retirement.  Then return to flying after retirement from that position.

 

Option 4:  Work (not fly) for a government agency or company that has a good mixture of what you might want in your future. (retirement, schedule, location, job function...)  Then you maybe could fly on the side or part-time to stay in aviation.  the money will probably be better here and you can do more of the "pick & choose" flying.

 

With Options 3 & 4, when you do retire, you could maybe fly full-time again.

 

Understand, that in today's world, you will be seeing less & less of the definded pensions and probably only with the governments.

 

So, in short, it is like others have said, it is up to you!

 

A twist on the old 6 Ps.  5 Ps & R......

 

Prior

Proper

Planning

Prevents

Poor

Retirement

:)

 

Good Luck,

 

edspilot


  • METT-TC likes this
__________________________
Commercial: ASE & Helicopter
ATP: AMEL
CFI: ASE & Helicopter
CFII: Airplane
Fairfax, VA

#6 r22butters

r22butters

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 1,610 posts
  • Gender:Male
  • Location:Pluto,...at least until the next election :) ,...damn the wifi here is unbelievable!
  • Interests:Admiring the city lights and coastal sunsets from a thousand feet,...when I have the dough. :)

    ,...oh' yeah, and boobs!
    😕+🍟+🚁+🌃=☺
    .
  • Company working for:Just a happy recreational pilot! :)

Posted 15 March 2017 - 11:26

If there's one thing The Great Recession taught me, its that the plans you had yesterday probably won't be there tomorrow!



I'm with Homer!
The only dream I have left is to live long enough to see the pilot shortage. Its been about fourteen years since they first told me it was coming, so,...

Aaaaaaaany day now! :D

#7 Wally

Wally

    VR Veteran Poster

  • VR Member
  • PipPipPipPipPipPipPip
  • 1,537 posts
  • Gender:Male
  • Location:Jefferson, GA
  • Interests:Reading's high on the list.
  • Company working for:none

Posted 15 March 2017 - 11:53

There is life after flying. I retired at the end of last July. No pension, just a 401K, Previously Gulf of Mexico, retired from HEMS.

401K were the only protected game in town when I started, but I made some good calls and hung in. Learned over the years that I am not a real estate mogul (my family does very well in this, so I am kinda "special" in their eyes).

Max out your employer match, look at Roths and invest, invest, invest.


Just a pilot (retired, so I have a LOT of time)...


#8 AS350 pilot

AS350 pilot

    VR Veteran Poster

  • Members
  • PipPipPipPipPipPipPip
  • 96 posts
  • Gender:Male
  • Location:USA
  • Company working for:Utility

Posted 15 March 2017 - 17:14

Find a rich woman with a bad cough but a healthy bank account! Or maybe work for a state agency? Uber? 



#9 edspilot

edspilot

    VR Veteran Poster

  • VIP Member
  • PipPipPipPipPipPipPip
  • 248 posts
  • Gender:Male

Posted 02 June 2017 - 15:55

Another thought:

"Life, is what happens after, you make plans!"

Be safe,

edspilot
__________________________
Commercial: ASE & Helicopter
ATP: AMEL
CFI: ASE & Helicopter
CFII: Airplane
Fairfax, VA




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users



DevoreGeneral200NFCVRGeneral200HeliHelmetsHelmet FX General 200Genesys VRForum200_GeneralMidwestHeliAcademy2016MaunaLoaSoftwareVRGeneral200ColoradoHeliOpsGeneral200PrecisionVRForumGeneral200Able_VRGeneral200