National Safety Month: 4 Layers of Monetary Protection
June is National Safety Month, and while it usually focuses on physical safety, it’s also a perfect time to talk about financial safety. For firefighters and first responders, having your financial house in order is another form of protection. In this article, we’ll break down four practical steps you can take today to help keep […]
Backdoor Roth Contributions for Firefighters
The median firefighter in the U.S. earns around $60,000 a year – yet most firefighter pensions replace only about 50–70% of that income. [1] Do the math, and that could mean living on maybe $30–40k in retirement, a serious hit to your budget after decades of service.[2] Plus, the average firefighter hangs up the helmet […]
Firefighter Families’ Guide to 529 College-Savings Plans
May 29 (5/29) is celebrated as “529 Day” – a reminder to start saving for college. For firefighter families, it’s a great time to consider how the soaring cost of education can impact your future. The price of college has been climbing far above general inflation. For example, the average total cost of attendance (tuition, […]
Post-Career Pivot: Managing the Psychological Side of Retirement Money
Retirement from the fire service isn’t just clocking out one last time. It’s a leap into a whole new way of life. There’s the obvious financial shift (no more overtime or steady paychecks, hello pension checks or tapping savings), but there’s also a huge mental shift. Suddenly, you are the one writing checks to yourself. […]
Mid-Career Financial Moves Firefighters Can’t Afford to Miss
By the time you’re a decade or two into the job, you’ve seen some things. You’ve watched guys blow through overtime cash on shiny trucks and bass boats, and others quietly build nest eggs. If you’re in that 10–20-year sweet spot of your career, now’s the time to get serious about your retirement planning. Why […]
Safe Growth and Lifetime Income: The Power of Indexed Annuities for City of Elizabeth Workers
In the first part of this series, we dug into the nuts and bolts of the new 457(b) plan for Elizabeth city workers—what it is, how it stacks up against other retirement accounts like 401(k)s and 403(b)s, and why it’s such a valuable tool for building your financial future. Toward the end of that article, […]
Meet Your New Retirement Sidekick: The 457(b) Plan for City of Elizabeth Workers
Once upon a time, in 1889, German Chancellor Otto von Bismarck1 had a brilliant idea: pay older workers to retire at age 70 and free up jobs for younger folks. Considering the average person back then barely lived to 42, it was a clever plan – very few would actually cash in! Fast forward to today: […]
Second-Job Income: Smart Strategies for Firefighters with Side Hustles
Back in 1736, Benjamin Franklin founded the first volunteer fire department in Philadelphia – and on top of running a print shop, publishing newspapers, and dabbling in electricity, the guy still found time to save buildings from burning down. Ol’ Ben knew the value of a side gig and a long-term plan. Fast forward a […]
Why Firefighters Need to Plan for the ‘Retirement Gap’
Retiring early sounds great – more time for family, travel, or a second career. In fact, the average firefighter retires around age 52. But leaving the job in your early 50s means you likely have a long stretch before other income sources kick in. You can’t access most 401(k) or IRA savings until age 59½ […]
Tax Season Prep: Firefighter Tax Hacks
It’s a familiar scene every spring: the firehouse banter shifts from last night’s 3-alarm blaze to that other annual ordeal – tax season. Tax season just hits different when you’re pulling 24-hour shifts and juggling overtime. Between FLSA calculations, specialty pay, and pension contributions, your tax situation isn’t exactly straightforward. But fear not, because just […]