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
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