- 16 Aug 2023
- Andre Fodor
- Flight Departments
What can Business Aviation pilots do to prepare for a fulfilling retirement? Andre Fodor shares how he’s building for the future not only to benefit himself and his family, but also to ensure he leaves a legacy for future flight crews...Back to Articles
Even for pilots who are at the peak of their careers, retirement will eventually become a reality. How early is too early to prepare, and how can pilots in the Business Aviation community plan to ensure a fulfilling exit from the cockpit?
At the age of 85, my father still works daily at his bakery. My mother just recently started a new job as a music teacher. Given the family work ethic, I never gave much thought to retirement... That is, until the Covid pandemic struck...
When the world slowed down and our aircraft was tucked up in its hangar for the foreseeable future, I found myself with more time at home to spend with family.
Given how aviators are used to being on stand-by, staying proficient and active, ready to fly passengers to new and exciting destinations, the slowdown was unsettling. By our nature and personality, aviators tend to be defined by work.
But with the enforced slowing down, I also received some new perspectives. Completing home projects that had been on the backburner for too long, undertaking gardening projects, exploring new hobbies, and most importantly spending time with family, I realized that I would have plenty to keep me occupied beyond work. The idea of someday retiring became a genuine possibility.
I’m still the better part of a decade away from finally ‘hanging up my wings’, and I’m still enjoying work. But a seed was planted, and I began thinking and planning how to make the most of retirement one day, on my own terms.
For pilots, as with any other profession, the decision to retire comes with mixed emotions – pride looking back on past accomplishments, uncertainty of the future, yet excitement about the new opportunity. As we approach retirement, careful planning, consideration and strategizing become crucial.
We need to take stock of our financial situations, health, and professional goals to ensure a smooth and happy transition. Setting clear retirement objectives, such as travel plans, hobbies, or potential second careers can provide a sense of direction during this pivotal phase.
Financial Planning: The most critical aspect of retirement planning is securing a financial future. I have already begun consulting a financial advisor to assess my position and create a sustainable retirement portfolio, addressing investment strategies, pension plans, social benefits and tax implications which are essential components of this process.
By maintaining a diversified investment portfolio I hope to mitigate risks and provide financial stability during market ups and downs.
Investing in Health: Considering the physical demands of the aviation profession, maintaining good health is vital for a happy retirement. We should undergo comprehensive health check-ups and develop a wellness routine that focuses on exercise, balanced nutrition, and stress management.
Irrespective of your age, investing in the future of your health starts now. Look to control your diet and weight, develop good sleeping habits and a healthy lifestyle which will allow you to enjoy your golden years with energy and vibrancy. Having a health insurance plan for retirement is imperative, too.
Plan Continued Professional Growth: Retirement does not have to mark the end of professional growth. I plan to explore opportunities for continuing education or acquiring new skills to stay engaged and relevant.
Transitioning to part-time work, consulting, or becoming a flight instructor is an option to leverage expertise and experience in the aviation sector. When I speak of retirement, I mean to stay active, and instructing and/or mentoring is definitely part of my plan.
Many of us already belong to professional networks and associations. Utilizing these connections can open doors on opportunities for post-retirement employment, consultancy and business ventures. We all have a vast rolodex of contacts, and retirement planning is a great time to use it.
Build a Support Network: Retiring from a career as a pilot can bring with it some significant emotional challenges. Pilots tend to identify strongly with the profession. Letting go will be challenging.
Establishing a support network – for example, fellow retirees or professional counselors – can be instrumental in coping with the emotions that retirement can invoke. Engaging in hobbies or volunteer work can also provide a sense of purpose and fulfillment during retirement.
Involve the Family: Retirement has an impact on our families and lifestyles. Discussing retirement plans with family members, especially if it may involve relocation and lifestyle adjustments, is crucial for a smooth transition.
Understanding and accommodating the needs and expectations of loved ones will create a supportive environment and ensure mutual happiness.
Leaving a Professional Legacy: As experienced pilots retire, we carry away a wealth of knowledge and expertise that could hugely benefit the next generation of aviators.
Engaging in mentoring programs or sharing experiences with aspiring pilots can be a fulfilling way to pass on knowledge and contribute to the aviation community. Why let all those years of experience go to waste?
Mentoring passes on our skills to the next generation, helping them stay safe and ensuring your many years in aviation leaves a legacy to the next generation of flight crews.
Careful planning is essential to make retirement a smooth, rewarding process. With careful consideration we can embark on the next chapter of our lives with confidence and enthusiasm, embracing retirement as an opportunity for personal growth and continued contribution to the aviation community.
This will also ensure that our legacy of experience endures beyond our flying days. I will let you all know when my job comes up for grabs...!