Avoid These Key Mistakes in Firefighter Retirement Planning
Retirement planning isn’t just about numbers—especially for firefighters and first responders, who face unique financial challenges after years of service. From pension benefits and medical costs to inflation, there’s a lot at stake. One wrong move could mean leaving thousands of dollars on the table at best or even facing a ruined retirement. While it […]
When Should I Convert to Roth? (If Ever)
As a firefighter, your career likely offers a pension that provides stability during retirement. But for those of you with additional savings options, such as a 457(b) or even a Solo 401(k), you may be wondering when you should convert your traditional contributions to Roth–if ever. Roth accounts allow your investments to grow tax-free, don’t […]
Are You Financially Prepared for a Disability?
Firefighting is one of the most physically demanding and perilous professions. The inherent risks don’t just come from flames and smoke but also from the strenuous physical activities that can lead to injuries or long-term health issues. Moreover, life outside the fire station isn’t without hazards. Off-duty accidents—like a car crash or a sports injury […]
Do Firefighters Need Long-Term Care Insurance?
Firefighting is scary; rushing into burning buildings, tackling hazardous materials, and providing emergency medical care, all while putting your own life on the line–it’s a thankless task, but it’s the one you seek. Perhaps you enjoy the rush, or the satisfaction you get from saving others makes it all worthwhile. However, there’s something maybe even […]
When Firefighters Should Update Their Will
What’s the thing you look forward to the least in life? Paying bills, going to the doctor, and running errands—they’re all at the bottom of our lists. But those tasks pale in comparison to writing a will. However, that’s not the end of the story; it needs to be updated regularly after every major life […]
How Firefighters Can Use the HSA to Tackle Healthcare Costs
Healthcare is expensive, and as a firefighter, your retirement could be at risk—not just from the physical demands of your profession but also from the financial challenges it brings. You might be thinking, “That’s why I have Medicare and health insurance, right?” Yes, but those won’t cover all the costs you’re likely to face in […]
Roth vs Traditional 457(b) Plans: What Firefighters Need to Know
In 1789, Benjamin Franklin wrote a letter to a French physicist regarding the permanency of the newly minted U.S. Constitution but lamented that only two things in life are certain – death and taxes. That statement rings as true today as it did in 1789, perhaps even more so. The U.S. Government now collects taxes […]
Best Budgets for Firefighters: What Makes Sense for You?
A 2022 poll conducted by OppLoans revealed some frightening statistics: 53% of those surveyed had neither a savings account nor an emergency fund, and 70% didn’t have a retirement account. Additionally, one out of five spent more than they earned, and around 50% had unmanageable debt. What could be the reason? Of course, life throws […]
Mid-Year Financial Checkup for Firefighters
As a firefighter, you know the importance of regular health check-ups. But what about financial check-ups? Just as catching health issues early can prevent them from spiraling out of control, the same principle applies to your financial well-being. A mid-year financial review is your chance to diagnose any fiscal ailments before they become chronic conditions that threaten […]
Estate Planning Essentials for Firefighters
As a firefighter, you have one of the most dangerous occupations in the world. Fighting fires leads to traumatic injuries that can leave you dead or incapacitated. On top of that, you have to deal with higher rates of illness and other factors that can lead to an early death. The sad reality is that […]