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121. How do I navigate the significant financial implications of my new airline contract?
Manage episode 410196701 series 2781454
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
Our sponsors:
Harvey Watt, offers the only true Loss of Medical License Insurance available to individuals and small groups. Because Harvey Watt manages most airlines' plans, they can assist you in identifying the right coverage to supplement your airline’s plan. Many buy coverage to supplement the loss of retirement benefits while grounded. Visit harveywatt.com to learn more!
Advanced Aircrew Academy enables flight operations to fulfill their training needs in the most efficient and affordable way—anywhere, at any time. We do this by providing high-quality professional pilot, flight attendant, flight coordinator, maintenance, and line service training modules delivered via the web using a world-class online aviation training system. Visit aircrewacademy.com to learn more!
Employee Compensation Software That Answers "What's the Going Rate?"The AirComp Calculator™ is business aviation’s only online compensation analysis system. It can provide precise compensation ranges for 14 business aviation positions in six aircraft classes at over 50 locations throughout the United States in seconds.
VAERUS MEANS RIGHT, TRUE, AND REAL.Buy or sell an aircraft the right way, using a true partner, to make your dream of flight real. Connect with Brooks at Vaerus Jet Sales | Learn more about the DC-3 Referral ProgramDo you have feedback, suggestions, or a great aviation story to share? Email us info@21fivepodcast.com Check out our Instagram feed @21FivePodcast for more great content and to see our collection of aviation license plates.
The statements made in this show are our own opinions and do not reflect, nor were they under any direction of any of our employers.
136 episodes
Manage episode 410196701 series 2781454
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
Our sponsors:
Harvey Watt, offers the only true Loss of Medical License Insurance available to individuals and small groups. Because Harvey Watt manages most airlines' plans, they can assist you in identifying the right coverage to supplement your airline’s plan. Many buy coverage to supplement the loss of retirement benefits while grounded. Visit harveywatt.com to learn more!
Advanced Aircrew Academy enables flight operations to fulfill their training needs in the most efficient and affordable way—anywhere, at any time. We do this by providing high-quality professional pilot, flight attendant, flight coordinator, maintenance, and line service training modules delivered via the web using a world-class online aviation training system. Visit aircrewacademy.com to learn more!
Employee Compensation Software That Answers "What's the Going Rate?"The AirComp Calculator™ is business aviation’s only online compensation analysis system. It can provide precise compensation ranges for 14 business aviation positions in six aircraft classes at over 50 locations throughout the United States in seconds.
VAERUS MEANS RIGHT, TRUE, AND REAL.Buy or sell an aircraft the right way, using a true partner, to make your dream of flight real. Connect with Brooks at Vaerus Jet Sales | Learn more about the DC-3 Referral ProgramDo you have feedback, suggestions, or a great aviation story to share? Email us info@21fivepodcast.com Check out our Instagram feed @21FivePodcast for more great content and to see our collection of aviation license plates.
The statements made in this show are our own opinions and do not reflect, nor were they under any direction of any of our employers.
136 episodes
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