Five Years Out: Last-Minute Financial Moves Before Firefighter Retirement
The average firefighter hangs up the helmet around age 52 – nearly a decade earlier than many other workers.[1] Yet, the typical firefighter’s pension often replaces only 50–70% of their working income. That means without extra planning, you could face a big income gap. The good news is that if you’re about 5–10 years from […]
Retiring Out-of-State: What Firefighters Should Know Before Relocating
After decades in the fire service, you might be dreaming of a sunny, affordable place to retire. More than 338,000 Americans relocated for retirement in 2023, a 44% jump from 2022, and roughly one-quarter of those retirees moved to a different state. (1) Naturally, plenty of firefighters also consider hanging up their helmets and moving […]
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 […]
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. […]
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: […]
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 […]
Repeal of WEP/GPO: What Firefighters Need to Know
It’s a late evening at the firehouse in 2024. After decades of service, this is it, your career is finally over, and this is your last day on the job. Over coffee in the station kitchen, you joke about finally taking that fishing trip and cashing those Social Security checks you earned from your side […]
Will Overtime Affect your Firefighter Retirement?
Let’s talk overtime, pensions, and your retirement – a topic that hits close to home for every firefighter pulling extra shifts. You’re sacrificing time with family, taking on more exposure risks, and pushing your body harder. But does that overtime actually boost your pension or improve the chances of retirement success? And more importantly – […]
Life Insurance Policy Review: Are You Still Getting the Right Coverage?
Your life insurance needs aren’t static. As your career progresses and your family grows, that policy you bought years ago might not cut it anymore. For firefighters, having the right coverage isn’t just about death benefits – it’s about protecting yourself and your family while you’re still working. Most firefighters we work with are either […]