Why All Aviators Should Have a Financial Plan
Given the turbulence of another election year, the airline industry has a challenging flight path ahead. If you’re looking for a partner to help you plan for your financial future, Creative Planning can help.
Airline pilots face unique challenges — professionally, personally and financially. Spending so much time in the air means your time at home with loved ones is extra precious; you don’t want to spend it trying to manage your finances and investments. Yet your profession presents you with unique financial challenges that you must be prepared to navigate.
At Creative Planning, we understand. Our Aviation team partners with pilots to create customized financial plans to help them arrive at their personal financial destination. We believe everyone can benefit from having a financial plan in place, not just the wealthy. But implementing and adhering to a financial plan is especially vital for aviation professionals for several reasons.
1. An Unpredictable Industry
The airline industry is known for being volatile. Bankruptcies, bailouts, mergers and acquisitions have become commonplace, and unforeseen external factors (such as the COVID-19 pandemic) can be devastating to airlines and their employees.
The career uncertainty faced by aviation professionals means that proactive saving, smart investing and detailed retirement planning are vital for achieving financial independence. A great way to accomplish these goals is with a financial plan.
2. A Mandatory Retirement Age
With a mandatory retirement age of 65, there are no missed approaches or go-arounds in retirement planning. Having a financial plan in place can help you strategically save and invest for retirement
3. Expectations
Airline pilots are known to have high salaries and often face pressure from coworkers, family members and friends to showcase a certain lifestyle. Trying to live up to these expectations can take a toll on your long-term financial security. A solid financial plan can help you live comfortably within your means while remaining focused on the future.
4. The Possibility of Unexpected Medical Conditions
If, during your airman medication certificate renewal, you’re diagnosed with a disqualifying medical condition, you may be at risk of losing your job. A financial plan can help you be prepared for unexpected events, such as a disqualifying health condition.
Getting Started
Having a financial plan is essential to building, understanding and achieving your goals. Planning can help increase your level of confidence and comfort, result in more constructive financial behavior and help ensure your family will be provided for in unexpected circumstances. Ultimately, a good financial plan puts you in control of your future. While starting a financial plan may seem like a chore, it doesn’t have to be. If you find you’re having a hard time taking the first step, a fiduciary advisor can help.
Creative Planning Aviation is a specialty practice of Creative Planning, one of the largest independent wealth management firms in the country. Each of our dedicated teams specializes in working with pilots and flight crews and includes an attorney, a CPA and a CERTIFIED FINANCIAL PLANNER™ practitioner. These experienced professionals work with clients to develop personalized financial plans that take into consideration a wide range of factors, including their current financial situation, their goals for the future and any challenges they may face.
We have extensive experience helping pilots navigate the turbulence and unique challenges in their financial lives. For those who have questions about what a comprehensive evaluation looks like, we encourage you to reach out to our team and go through our process, which includes a financial plan and a customized set of recommendations tailored to your situation, to see what kind of value we can bring to your financial life. Meeting with us has no obligation whatsoever — the only thing it costs is a bit of your time. We’re confident you’ll find value in what the Creative Planning Aviation team has to offer.
