In today’s episode, we discuss if it is better to go the 121 our corporate aviation route as a pilot over 50.
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Listener Mail:
I have been a long-time listener of the “Aviation Careers Podcast.”
My goal is to finish up my rating this year and end up with a CFII. I currently run a successful business that I work 2-3 days a week. It has taken me many years to get to the point where I can focus on my next career as a Commercial Pilot.
My plan is to sell my business in 3 years when my daughter graduates college and pursue a job at either the airlines or 135 Fractional company. I will have a fairly well-funded retirement at that time but hate to leave money on the table.
As far as retirement goes, what would be a better choice: a 121 airline where my earning potential is approx. 12 years ( I am 50 now) or a 135 Fractional like NetJets where I would have almost 17 years of earning potential. I have been on all the message boards and am even more confused than when I started. QOL is not a big issue as my wife and I would not mind moving to a new city so we could live in base.
Thank you for always inspiring me to move forward in my Aviation Journey.
Benefits of corporate or fractional. Make more money in the first 2 years after that you are not gaining much.
You can always fly 135 after your airline career and but not the other way around.
135/Corporate has more generous commuting meaning you are home-based.
Pay is better at airlines, especially legacy - 5-year wide-body FO will be making $200 an hour which is $1000 a day minimum.
10-year captain pay at fractional or large corporate is about $200,000
Some flight departments pay more but the potential for larger pay is better at the airlines especially as you go past 5 years.
Remember bigger the plane the bigger the paycheck when it comes to the airlines.
That is why most lean more towards legacy airlines that fly wide-body aircraft.
You normally won’t see widebodies at Low-cost carriers although there are exceptions.
Airlines Retirement. Average 16% on top of your salary.
Fractional and corporate vary from 5% to 10% plus additional bonus money
Many legacies and LCC airlines allow profit-sharing money to go to the 401k also.
Also, many legacy and LCCs have VEBA money which is a voluntary employees' beneficiary association. A trust set up for medical expenses.
Travel benefits obviously are better on the airline with the largest network which leans toward the majors.
To put it all together, Career Coaching and meeting with a financial planner is a great idea.
What Is A VEBA
Understanding Your 401k Plan and Benefits .
Carl's Inspirational Message
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2 мар 2022
