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If You Can, Tell Retirement “Not Yet”

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Not many industries have been devastated by COVID-19 like the airline industry. Airlines are firing personnel, including highly skilled pilots, and asking others to go into early retirement. Many older pilots, for myriad reasons, are resisting retirement. The Wall Street Journal tells the story of Garry Krasnov, who would like to tell retirement “not yet,” but in the end made the gut-wrenching decision to take an early retirement offer from Delta Air Lines.

With a vaccine approved in the U.K. and more approvals expected, airlines are hoping travel will begin its recovery later next year once enough people have been vaccinated. But they still believe it could take years for demand to return to the highs before the pandemic and subsequent economic fallout. Bringing all their employees back could be a long, slow process. The wait will be that much longer for pilots trying to launch their careers.

Furloughed pilots will be called back eventually, but it could take months or even years. Some may opt to find a different career. Some have retired.

Other industries are trying to lure idled pilots, though typically for much lower-skilled jobs. Schneider National Inc., a trucking firm based in Green Bay, Wis., recently ran recruiting ads aimed at ex-pilots on Facebook: “Whatever vehicle you pilot, you are the ‘captain of your ship,’ ” the ad read, featuring one pilot-turned-trucker. “Switch to a stable, growing career in trucking!” In Australia, some furloughed pilots are working on farms, operating heavy machinery to help harvest crops such as wheat.

Many pilots are drawn to the job by a lifelong love of flying and see it as a way of life. Though the romance of air travel has faded in recent years, being a pilot remains a special occupation, making it hard for some to walk away.

Gary Krasnov, 62, who had been flying jets for decades, had already cut back on his hours. But when Delta Air Lines Inc. released its early-retirement program over the summer—part of an effort to persuade senior pilots to leave voluntarily amid the Covid crisis—his chest tightened and his throat closed.

“I said, ‘I can’t believe this is happening to me.’ It was incredibly overwhelming,” he says. Nine days before he retired as a pilot, his wife asked if she could finally put away the suitcase he kept ready to go. He said, “Not yet.”

Action Line: Many of you are doing your dream job. You’re good at it, and you have a passion for your work. You owe it to yourself to continue doing what you’re good at. Tell retirement, not yet, if you can.

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E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zilldjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com