Overall Response rate: 50.2% Confidence Level: 99% Confidence - - PowerPoint PPT Presentation

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Overall Response rate: 50.2% Confidence Level: 99% Confidence - - PowerPoint PPT Presentation

Feb 29, 2024 151 likes •462 views

Overall Response rate: 50.2% Confidence Level: 99% Confidence Interval: 2 ( 1.933) 67.5% 61.6% 52.4% 51.3% 66.0% 52.4% 53.8% 64.5% 72.5% 48.9% 51% 49% 38.5% Age 55 and older 15.0% Age 60 and older 62.0% 38.3% 25.1 % have some

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Overall Response rate: 50.2% Confidence Level: 99% Confidence Interval: ±2 (± 1.933)

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67.5% 61.6% 52.4% 51.3% 66.0% 52.4% 53.8% 64.5%

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72.5% 48.9%

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51% 49%

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38.5% Age 55 and older 15.0% Age 60 and older

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62.0% 38.3%

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25.1 % have some form of military retirement benefit

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YES: 74.7% NO: 25.3%

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YES: 44.1% NO: 55.9%

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< Age 60: 6.1% ≥ Age 60: 93.9% @65: 33.9%

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Major themes include:

  • Increased pension benefits
  • Maintaining insurance
  • Lifestyle decisions
  • Divorce/remarriage/children
  • Debt
  • Enjoy working
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GOOD NEEDS IMPROVEMENT

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GOOD NEEDS IMPROVEMENT

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78.7 %

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47.4%

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58.1% 61.5%

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79.6% 80.4% 64.5% 83.4%

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23.1% 36.2% 40.7%

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54.9%

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93.6%

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69.5%

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96.4%

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Not included in ‘pensionable’ earnings

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Data Summary

  • Statistically significant response rate
  • Demographics well represented
  • Domicile/FDA, crew position, aircraft, age, seniority, marital status, military retirement eligibility

Inferences

  • A majority of pilots have a financial plan, but a majority do not use a financial professional
  • The mean age to commence retirement is 62, with less than 10% indicating their desire to retire early
  • One third indicate they will retire at 65
  • Reasons for a specific retirement age vary greatly but have common categories
  • Defined Benefit and Defined Contribution Plan knowledge requires improvement in specific areas
  • Most pilots are aware of their ‘B Fund’ contribution bracket, but less than half know the actual percentage
  • Pilots expect their investment ROR to decline after retirement
  • The retirement education efforts of the Association are well received and effective
  • Pilots recognize a loss of purchasing power associated with a fixed payment Defined Benefit
  • A majority of pilots do not recognize that the company does not purchase an annuity at retirement
  • Pilots are realistic with their income replacement ratio desires and comprehend the sources of income
  • The vast majority of pilots participate in the 401K