Millions of workers’ finances hinge on the rapidly changing landscape of retirement savings plans and union negotiations, but few professionals have as much money on the line as pilots. They are unique in that they earn on average more than four times the average worker, but they have little control over the management of the company they have wedded themselves to, often for life.
Such risks require careful financial planning, even when pilots are in the middle of their peak earning years, advisers who work with them say.
“You plan for an engine failure on the ground,” said Annette VanderLinde of Liberty Wealth Advisors. “Twenty-thousand feet is not where you should be coming up with your contingency plan.”
Want to read the full article? Check it out here. Please note, a subscription is required.