What options are available to a pilot if they do not save enough for retirement? While most employees in other occupations can delay retirement and continue to work, this is not an option for pilots because of their "hard" date to retire. As you know, the FAA makes it mandatory for pilots to retire from commercial flying at age 65. Due to this work restriction, properly planning and saving for your retirement is critical so you do not outlive your assets.
Luckily, Southwest pays a generous defined contribution into your SW Pilot 401(k) Plan. While the amount contributed towards your 401(k) is important, security selection is equally, if not more, important.
At Griffin Financial Advisors, we have a solution for security selection. It is called Personal Choice Retirement Account (PCRA) offered through Charles Schwab. PCRA is a self-directed brokerage account through your 401(k) that allows you to invest in a much wider range of investments. You are no longer limited to the "core" investment options offered within the plan.
The benefits of investing through PCRA include:
Griffin Financial Advisors specializes in assisting pilots achieve their retirement goals. We are very familiar with the specifics within your pilot contract. Allow us to help you navigate maximizing your contribution limit, spill over, profit sharing and much more. Please feel free to contact us with any questions or concerns regarding your retirement.