Skydivers Retirement

[BETO74 0]

How a professional or full time skydiver plan his/hers retirement? When you become too old to jump or god forgives an accident happens how an old timer spends his/her time? Are there any Dz offering retirement plans or any other tax sheltered retirement accounts? Is there a market???

Not planning to sell you anything just curious, and I realize that I might be opening a can of worms too.
Thanks

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[jumpwally 0]

You are kidding,,, right?

smile, be nice, enjoy life
FB # - 1083

[BETO74 0]

Uhhhhhh No.

The question is directed to proffessionals skydivers opposed to a weekend skydiver, meaning a person that makes his/hers living exclusively skydiving.

http://web.mac.com/ac057a/iWeb/AC057A/H0M3.html

[Dumpster 0]

I would imagine one would have to put his or her own plan together in most cases.

[PhreeZone 15]

Most your "professional" skydivers have trouble putting ramon noodles on the table in the middle of winter if they work only in skydiving. Retirement is the least of their worries. I know of many of the top names in the sport that have their car, their gear and thats about it. With out outside income its all a lot of people can do to just stay above water on a skydivers income.

If it rains you don;t make money (unless you rig), in the winter things stop up north.

Yesterday is history
And tomorrow is a mystery

Parachutemanuals.com

[airtwardo 6]

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I would imagine one would have to put his or her own plan together in most cases.

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Yeah...!

Marry someone RICH!

~ If you choke a Smurf, what color does it turn? ~

[BETO74 0]

Could the USPA create a collective retirement program tax shelterd that can meet the skydivers lifestyle switching DZ to DZ but they are members of the USPA. It seems feasable.
Another question. What kind of retirement or benefits the people that works for the USPA has???

Example: a skydiver with the Instructional rating working for dropzone could contribute $15 a week thru the USPA out his/hers own earnings that will go to a tax sheltered account. Any thoughts

http://web.mac.com/ac057a/iWeb/AC057A/H0M3.html

[jumpwally 0]

Yeah,,find something else to think about,,there's not much of a market for it out there. There are only a handfull of successfull older pro skydivers out there. Read this months "Skydiving Magazine" check out the story of Pat Moorehead.

smile, be nice, enjoy life
FB # - 1083

[LawnDart21 0]

I've been in the Pension industry for just over 8 years and I can't see this scenario working for a number of reasons, including employee turnover, definition of employee, tax consequenses for early distribution, and administration fees that someone has to pay, either the jumper or the dz. It sounds good in thoery but I doubt you would see any interest in such an endeavor.

The happiest "retired" skydivers I know all have a 5th wheel and truck that are paid off and a slot on a southern DZ to call home.

--
My other ride is a RESERVE.

[GravityGirl 0]

Ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha, ha....

Oh.

Um.

Retire?

Jett, honey! I think I'll sign you up for those singing lessons now.

~~~~~~~~~~~~~~~~~
Peace and Blue Skies!
Bonnie ==>Gravity Gear!

[Reginald 0]

I don’t think this makes any sense and seems to show a lack of understanding of the employment dynamics at DZ’s and the IRS tax code. I’m not beating up on you here but your questions appear to show a lack of understanding of these issues hence answering your question is difficult. First, most staff at DZ’s are independent contractors thus there is no employee/employer relationship. Taking instructors for example, they are self-employed and hence have numerous options available to them under the tax code already for retirement. I would guess the majority do not take advantage of them, however.

Could you elaborate on your thoughts? It might make it easier to reply in a meaningful way.

"We've been looking for the enemy for some time now. We've finally found him. We're surrounded. That simplifies things." CP

[headoverheels 291]

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Example: a skydiver with the Instructional rating working for dropzone could contribute $15 a week thru the USPA out his/hers own earnings that will go to a tax sheltered account. Any thoughts

If you make under $40k, you can open an IRA and contribute up to $3000 per year. The deduction phases out by the time you make $50k. If you are self-employed, you can set up a SEP-IRA, which has much higher income limits.

[BETO74 0]

Sorry……. But my little understanding of the subject was the one that sparkle the question, little I know, I know enough to know that there are companies that offered tax sheltered account to self employ or independent contractors or even benefits in a effort to get people that are independent contractors benefits etc, every time I look at my paycheck I see the deductions I sign off for and they come automatically out my paycheck, I think if you are self employ and you have an account with any a company like that you will have to write a check or sign of for automatic withdraw out of your checking
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they are self-employed and hence have numerous options available to them under the tax code already for retirement.
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Good…Can you enlighten me and probably more than half of the skydiving community with the knowledge you possess about this.

I would guess the majority do not take advantage of them, however.
_________________________________________________Maybe they don’t take advantage of them because they/we don’t know what’s available.


Do me a favor.. if you’re one of those I have to flame everything you don’t agree with for the heck of it or you just don’t think is even worth it, do what I do…….. don’t reply.

Carlos Acosta

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