CQT 2010: Is That It?

On Monday of this week I successfully completed my Continuing Qualification Training (CQT) for 2010, and perhaps, for the last time.  CQT consists of one day of classroom instruction followed by two days of simulator training where we pilots once again prove that we know what we are doing.  While in the simulator the trainee is for the most part at the mercy of the check airman since he is responsible for insuring that we are proficient in all aspects of aircraft operation.  That covers a lot of ground!  I am not aware of another profession where the practitioners are required to prove themselves as often as are professional pilots.  The two days in the simulator are fairly high-stress days for me, and once again I felt the anxiety and butterflies that come with proving myself during a session while not knowing exactly what will confront me next.  Once again I successfully completed the training; I gave myself a "Gentleman's C" for my effort, and the check airman sent me on my way.  I always feel a sense of relief when I leave the training center after having successfully completed that little experience because a world of things can, and occasionally do, go wrong that can adversely affect the outcome of checkrides.  A moments distraction, a poor night's sleep, physical problems, or personal issues can all rear their ugly heads at just the wrong time and affect the outcome.  Fortunately, none of those things affected me.  Once again I started reviewing for this affair about two months early.  I probably studied as hard for this session as any I have ever had; wanted to keep my perfect record in tact, don't you see, and I really did not want to screw up my last CQT!

The CQT experience at USairways is really a very thorough training experience.  When a pilot successfully leaves the simulator, after having jumped through all of the hoops presented him, he can rightly feel a sense of satisfaction and validation.  He/she has proved themselves once again in a challenging environment.  During my 37 year aviation career I have very likely had a least 100 "chances to excel" in a checkride scenario, and they have never approached being routine.  At least every six months for all those years I have had a stan/eval pilot, or a check airman, or a FAA inspector looking over my shoulder as I proved that I knew what I was doing.  In spite of all of that experience, I still get a bit anxious at those opportunities even though I filled that role as the check airman myself for over 14 of those years.  My palms still get sweaty, and I still get keyed up to prove myself. 

As I left the training center this time though, I had a slightly different feeling, one of melancholy.  Will this really be the last time that I experience training in an aircraft simulator?  Am I really about to give my good seat, front row left,  to someone else? Where will I find my validation and sense of accomplishment when I am no longer an airline pilot?  Flying provides many opportunities for almost instantaneous validation.  If an approach is flown on profile, you are instantly rewarded.  A nice landing gives an instant feedback.  If things are going wrong, you don't have to wait very long to see if you can make things right and get some feedback.  Where will I find that sort of feedback now?

I am sure many facing retirement have had similar feelings when they contemplated where their validation and sense of accomplishment will come from once they are retired.  I have read many books and articles about preparing for retirement, and all mentioned the importance of having something in one's retired life to fill this important role.  Retirees need a reason to get up in the mornings.  Some have found it in second careers, hobbies, friends, or various causes.  I am sure that these things are quite adequate for some, but will they fill the void that retirement will create in my life?  Answering these questions is an vital aspect of my retirement planning.  Perhaps I need to have this discussion with some of my previously retired friends.  Most of them seem to have found plenty to insure that they continue to have a full and rewarding retired life. 

Perhaps I am having these doubts because I am not yet focused enough on what I want to do in retirement.  So, what would I like to do?  Well, there are a few thing: I want to learn to play the piano and the guitar, learn Spanish, be a financial counsellor, get my golf handicap back to single digits, travel, spend much more time and every night with my snuggle bunny, write in some capacity, play more with my grandsons, work out more and loose ten pounds, have a healthier diet, spend more time reading the Bible, be a better friend, read more of the classics that I missed along the way, do more for others, do a better job of staying in touch with family, volunteer with an adult literacy program, volunteer at the local shelter, and volunteer more at my church.  There, although I am probably forgetting some, that about covers it!  Surely some of those things will offer me the validation I think I am going to need!

Fly/Drive Safely

28 January 2010

2010

To paraphrase one of my heroes, Ronald Reagan, "Well, here we go again."  Another New Year is dawning, and with it, the chance for new beginnings and the hope for better times.  Many of us may well  be tempted to say "Good riddance!" to 2009.  It was a year with a variety of challenges as our economy struggled to begin the recovery from a serious financial jolt.  We saw some of our friends and family loose their jobs; we watched the domestic automobile industry shrink; we watched as our inept lawmakers in Washington grappled with health care reform and then watched the Democratic leadership bride a few senators to secure the votes they needed to pass a deeply flawed health care bill; and I saw first-hand the effect a serious economic downturn can have on the airline industry and my carrier in particular.  Of course 2009 was not all bad.  The Dow Jones average has increase about 25% year to date, and over 40% since it touched its low of about 6440 in March of 2009.  The economy does seem to be recovering somewhat, though it is expected to be a long, slow recovery.  But all in all, our country is still the greatest on earth and still offers opportunities in abundance.  Most of us still have a job and much for which to be thankful.  We may have had a tough year in the US this year, but compared to those in many other countries, we still had it pretty good.  And, we have much about which to be confidant and to look forward to in 2010.

I am certainly looking forward to 2010.  I expect 2010 to be geat; I am excited about 2010.  It is out there on the horizon full of new possibilities, and if my plans go as expected, and the Good Lord is willing, 2010 will be my last year as a pilot.  I love flying airplanes; I love being an airline pilot;  but by the end of 2010 I will have been flying for nearly 38 years; that just seems long enough.  I plan to hang up my uniform and approach charts and then spend some time determining what I want to be when I finally grow up!  But before leaving the cockpit the last time, I still have some things that I need to accomplish.  As I have relied on checklists in the cockpit for much of my professional life, I have decided to construct one last checklist.  I am calling this checklist the "Before Leaving the Cockpit for the Last Time" checklist, and I share it with you.

                             Before Leaving the Cockpit for the Last Time

1.  Do your best to enjoy your last year in the cockpit. Savor every moment but keep your skills sharp; stay competent, focused, and committed to doing your job.  Enjoy being with your co-workers and be a source of encouragement to those around you.

2.  Make sure you have maxed out the 401k one last time.  The 401k contribution limit for 2010 is $16,500 and the "catch-up" limit for those of us over 50 is $5,500 for a total of $22,000.  Deferring that much to a 401k may  crimp other spending, but if possible steer that money into 401k hiding for future use.

3. Rebalance for retirement.  Many retirement specialists recommend having one's retirement assets divided 50/50 between equities/bonds and cash.  Others  suggest subtracting your age from 120, and keeping that percentage in equities.  Just insure that you have given this issue some consideration and that you make the decision rather than letting choices you made years ago determine what your asset allocation will be.

4.  Consider consolidating retirement funds (via 401k rollover, IRA rollovers, etc.) to one or two companies so as to simplify access and control.  Companies like Vanguard and Fidelity have numerous accounts available that help accomplish this task.  They also have excellent customer service. 

5.  Insure that health insurance is in place before retiring.  This is a "biggy."  Talk with the company HR department to determine if COBRA is an option, and for how long.  Talk with some friends who are already retired to see how they have handled health insurance.  Do research on line, with insurance professionals, etc. to see what may be available.

6.  Carefully review current spending habits and develop a spending plan for post retirement years.  Heck, call it a retirement budget if you like.  Keep up with your family spending for a month, determine what spending will no longer be necessary post retirement, and determine what your likely monthly spending will be.  Prioritize your spending in case changes are needed post retirement.  Make plans early for any big-ticket items such as a new roof, new car, or special retirement trip.

7.  Determine a withdrawal plan for retirement funds.  Determine what percentage you will allow yourself to withdraw each year, as well as which accounts will be tapped first.  Most retirement specialist recommend withdrawing no more than 4% to 5% during  the first year of retirement and withdrawing from taxable accounts first, leaving ROTH IRA accounts to grow as long as possible.

8.  Develop a plan for more free time.  You will need a time-spending plan just like you will need a money-spending plan.  How successful you ultimate feel in retirement will depend in large part on how well you have planned for your extra free time.  You might want to bring the spouse in at this planning step as she/he is going to be spending more time dealing with you.  Make sure they aren't too surprised when you stay at home all day one day and insist on helping them do whatever it is they have been doing for years without your help!

9.  Develop a plan to stay active and get regular cardio exercise.  This step makes it more likely that you will enjoy your retirement more and longer.

10.  Spend time in quiet contemplation and prayer as you prepare for a major life change.  Don't kid yourself; this is a big step.  Many have not made it  particularly successfully.  Pray for guidance that you will pull it off well.

So, this is my checklist prior to leaving the cockpit for the last time.  I have found that I am more confidant and less prone to unintentional consequences when I adhere closely to checklists, and I intend to follow this one closely.  It can probably be modified fairly easily to fit other retirement scenarios.  Feel free to use it for yours, and good luck to all of us soon-to-be-retirees.

28 December 2009

Fly/Drive Safely