Why Financial Planning is Different for Pilots
The core financial planning topics such as disability, income planning, expenses, retirement, and insurance, remain the same for Pilots. However, what’s different for Pilots is the approach and considerations regarding those things. For instance, Pilots typically have variable income, resulting in different paychecks each month. Pilots also have opportunities to earn extra pay through working overtime, which can be factored into financial planning. Disability policies are also something to consider since they can vary significantly between airlines. Some airlines offer market-based cash balance plans, which are not common in other industries. It’s important to also consider creating an opportunity fund to save for goals outside of retirement. It’s important to find a Fiduciary Financial Advisor that has a thorough understanding of the industry’s distinct characteristics and opportunities.
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Casey Smith
President, Wiser Wealth Management
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