Your American Airlines Benefits & Career: Financial Planning for Employees and Executives
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Do you work at American Airlines? Get the resources you need and expert insights from financial professionals who specialize in helping American Airlines employees make the most of their compensation package and benefits.
Whether you’re a new American Airlines employee or you’ve moved up the ranks into a management or executive leadership role over a multi-year career, it’s important to make smart money moves with your income and employee benefits. For example:
✅ Do you know the right moves to make to get the greatest value from the American Airlines benefits available to you?
✅If you’re thinking about leaving American Airlines for another job or planning to retire from the company in a few years, are you taking the right steps today to ensure you will receive all of the compensation and benefits that you’ve earned?
Get the Most Value from Your American Airlines Benefits and Compensation Package
Throughout the year, American Airlines provides its employees and executives with updates about their benefits ranging from health insurance and health savings plans to retirement plans like a 401(k), deferred compensation plans, and stock options. While the company offers many useful resources and access to knowledgeable staff who can assist with questions, you’ll also find financial professionals not affiliated with American Airlines who specialize in helping American Airlines employees make the most of their income and benefits.
Whether you work in the American Airlines headquarters in Fort Worth Texas, another location around the country, or remotely from home, you may have questions about your compensation package and benefits better suited for a financial professional who can offer unbiased advice and guidance.
For example, sensitive topics like discussing the steps you should take before quitting your job at American Airlines to work elsewhere, protecting yourself in advance of a corporate layoff, or deciding when you should plan to retire are all conversations that may be more comfortable with a trusted financial advisor.
Should you hire a American Airlines specialist financial advisor or an advisor close to home?
You’ll likely find dozens of nearby financial advisors well-suited to help you reach your money goals with a personalized plan. But it may be more difficult to find a financial advisor who specializes in serving American Airlines employees.
Fortunately, many financial advisors offer virtual services so you can meet online no matter where you (or they) live.
This means you can choose to hire a specialist financial advisor who lives hundreds of miles away if you decide their knowledge and experience working with American Airlines employees is a better fit to help with your unique needs.
💡 In the Q&A below, you’ll gain insights from financial advisors who work with American Airlines employees to help them make smart decisions to get the most value from their compensation and benefits, reduce their money stress, and prepare for a comfortable retirement.
🙋♀️ Do you have questions not yet answered? Use the form below to submit questions anonymously and watch this article for updates with answers to your questions. You can also reach out to the financial advisors below to set up an introductory call or contact them with your questions by email.
💸 Smart Money Insights for American Airlines Employees & Executives
This page is organized into sections to help you quickly find the information you need and get answers to your questions:
- Q&A: Financial Planning Tips for American Airlines Employees & Executives
- Get Answers to Your Questions About Your American Airlines Benefits and Career
- Browse Related Articles
Q&A: Financial Planning Tips for American Airlines Employees & Executives
Answers to Employee Questions with Nick O’Kelly, CFP®, RICP®
Nick O’Kelly is a financial advisor based in Weddington, North Carolina who specializes in offering financial planning services to American Airlines employees. Nick helps his clients get the most value from their American Airlines benefits and compensation package so they can enjoy life and feel confident about their financial future.
Q: As a financial advisor with experience helping American Airlines employees save for their retirement, how do you help them make the most of their employee benefits?
Nick: In my experience, many employees don’t allocate funds for a purpose. For example, someone may save 5% into their 401k, but they do it because they feel it’s the right thing to do instead of doing it because it will help them achieve their goals. It’s not always about maximizing retirement benefits, but more about optimizing them to help them achieve the future lifestyle they desire.
Another major factor is tax allocation and being intentional in that realm as well. Having a reason why we do something allows us to continue doing it and reinforces the why behind a decision.
Q: When you first speak with an American Airlines employee, what questions do you like to ask to better understand their unique circumstances and determine how you can best help them achieve their goals?
Nick: The initial conversion is what I like to call a Vision Meeting. It is where I ask questions to build the employees “why”. If you didn’t have to work for money, how would you spend your time? Then, the important part of that question is to follow up with asking why. This allows the employee to be introspective and get to the core of who they are and who they want to be. Money is a tool that is for us to live our lives.
Q: Is there a particular benefit available to American Airlines employees you feel isn’t as well utilized or understood by employees as it should be?
Nick: There are 3 that come to mind:
- Health Savings Accounts are the most underutilized benefit available to employees. They either don’t understand the significant tax benefits of building up their HSA, or they aren’t maximizing the opportunity.
- Roth 401k. Many times an employee will have access to a Roth 401k but they are unsure how/if it affects their employer match so they simply won’t allocate money to it.
- Asset allocation within a 401k. Many employees lack the time to do their own research and allocate their portfolio to align with their long-term goals and time horizon.
Q: Beyond American Airlines employee benefits for retirement savings, are there other types of benefits offered by the company that you find valuable to discuss with your clients?
Nick: I mentioned the Health Savings Account, but on top of that many employers offer benefits such as free estate planning, different healthcare plan options, and scholarship opportunities for their children. Many of these are overlooked because employees are handed a huge booklet of benefits and rarely take the time to read through them.
Q: For American Airlines employees thinking about leaving the company to accept a job elsewhere, what actions do you recommend they take before resigning and shortly thereafter?
Nick: Ensure they cover the gap of employment for their healthcare coverage. There are a few options to do so, but that could leave you vulnerable to significant medical charges if something were to happen. Ensure they cover life insurance needs. Some people rely on their group life insurance coverage and don’t have outside life insurance. This could cause a significant gap in their financial plan. Decide what to do with their previous 401k/retirement account. There are options to roll it into an IRA or other retirement accounts.
Q: For American Airlines employees approaching retirement age, how do you recommend they prepare to make the transition from living off their salary to relying upon other sources of income?
Nick: The biggest and most important factor is to have a plan for retirement income. Cash flow is king in retirement and having a strategy to manage it throughout retirement is critical. Managing risk and cash flow is the most important.
Q: For American Airlines employees who have managed their finances on their own to this point, what would you suggest they consider to help them decide if they should begin working with a financial advisor at this stage in their lives?
Nick: There are a few ways an advisor can completely change their perspective. The first is seeing what they have and what that is projected to produce in retirement, first without my recommendations, and then with them. That’s typically an eye-opening experience and often doesn’t even require massive changes, just optimization and intentionality.
The second, and important aspect is to ensure they have appropriately covered risks that could be detrimental to their income/nest egg.
If someone has educated themselves, then DIY finance can be a great strategy. However, sometimes it may even come down to having peace of mind knowing that a professional has looked at their situation and implemented strategies that ensure they won’t run out of money in retirement.
Q: What are some of the unique financial planning challenges you commonly see among your clients who are American Airlines employees and how do you help them overcome these obstacles?
Nick: Company employees often try to keep up with the latest financial trends that are spreading around the office place to stay relevant. For example, chasing “hot” stocks, or investing into something because a co-worker does. That is one of the most challenging things to overcome for a client, is managing the behavioral side of finance and avoiding the “keeping up with the Jones” mentality.
Get to Know Nick O’Kelly, Financial Advisor for American Airlines Employees:
View Nick’s profile page on Wealthtender or visit his website to learn more.
Q: What questions do you recommend American Airlines employees ask financial advisors they’re considering hiring to help them decide if they’re a good fit?
Nick: Are you a fiduciary? This question gets overlooked because clients assume all advisors are fiduciaries. That is not the case and clients should ask that question.
How do you get paid? This question is an inside look into an advisor’s motivation for serving you as a client. Do they need to sell you products to be successful, or does their compensation align with your best interests?
What is your approach to financial planning? Every advisor has a structure with how they take a client from Point A to Point B. What is that and does it align with what you’re looking for?
Q: Is there anything that comes up frequently in your initial meeting with American Airlines employees that surprises you?
Nick: The most common thing that comes up is a lack of understanding of how a financial advisor can help them. People assume that it is only investment management, but they don’t understand the long-term benefits of working with an advisor.
Q: For highly compensated American Airlines employees and executives, are there any special benefits you believe it’s important to take into consideration when preparing their financial plan?
Nick: Yes, any bonus, stock compensation, tax planning, and estate planning become much more important to discuss with highly compensated employees. Each company is different and having an advisor decipher how to navigate these different topics adds incredible insight and potential tax savings.
Q: Is there a particularly memorable experience or a moment you recall with a client who worked at American Airlines when you realized they have unique opportunities and circumstances when it comes to their financial planning needs?
Nick: Absolutely, clients with access to HSAs have a unique tool to use for their benefit. Additionally, employer matching contributions to a 401k are extremely valuable. Airline pilots have one of the best employer matches among all industries.
Q: As an American Airlines employee, when and how should you find a financial advisor?
Nick: The answer is biased, but it is now. Don’t wait until you’re a few years out from retirement. By starting early, you can not only avoid potential mistakes, but you can incorporate accountability and intentionality to achieve your vision of retirement.
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About the Author
Brian Thorp
Founder and CEO, Wealthtender
Brian and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.
With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.
