121. How do I navigate the significant financial implications of my new airline contract?

21.FIVE - Professional Pilots Podcast

Timothy P. Pope, CFP, joins the guys to discuss the significant financial implications of the new Southwest Airlines contract for pilots, focusing on pay raises, bonuses, and enhanced retirement contributions. Pope emphasizes strategic financial planning to navigate these changes, including tax considerations and the benefits of market-based cash balance plans. The conversation highlights Tim's expertise in financial planning for pilots, offering practical advice for maximizing financial well-being in light of the contract updates.

Show Notes

3:35 Southwest’s Ratification Bonus & Other Changes

10:28 Preparing Clients for the Future

16:59 Market-Based Cash Balance Plan

20:44 Disability Benefits

27:32 Imputed Income

29:45 Final Takeaways

Tim Pope is a CERTIFIED FINANCIAL PLANNER™ and a pilot. His financial planning practice provides services to aviation professionals and aviation 401k plans. Tim helps clients pursue their financial goals by defining them, organizing & optimizing resources, planning, implementing, and monitoring their financial plan. Visit https://link.21fivepodcast.com/timothy-pope to learn more. Check out Tim's new podcast: The Pilot Money Podcast

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