There are those who say Delta and Northwest may go the same route. The government-run pension fund pays out a maximum of $45,000 a year, but that's for people who retire at age 65. For those who retire at age 60, including airline pilots, the payout is only around $28,000 a year.ommercial airline pilots must retire at age 60. That hasn't been a problem in the past because pilots had generous pensions. But with several of the major airlines in bankruptcy, pilots are seeing their pensions reduced and some are fighting mandatory retirement.
To determine how much retired pay you may be eligible to receive, the first step is to calculate the number of equivalent years of service. The formula for computing equivalent years of service for Reserve retired pay at age 60 is fairly simple: Total number of Creditable Retirement Points, divided by 360.
Military Compensation. Reserve retirement is sometimes called non-regular retirement. Members who accumulate 20 or more years of qualifying service are eligible for reserve retirement when they reach age 60 or, in some cases, a lesser qualifying age. There are two non-disability retirement plans currently in effect for reserve qualified retirees.