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 […]
How Staying Fit and Healthy Can Slash Your Retirement Costs
We believe a financial plan should factor in every aspect of your life. If you’ve read our other blog posts, you’ll see that one of the primary concerns of a firefighter’s financial plan is how to pay for healthcare in retirement. As a firefighter, you sacrifice your body to save others, and that directly translates […]
Understanding the Benefits of a 457(b) Plan for Firefighters
As a firefighter, securing the retirement you deserve involves exploring every available option. If your state or local government offers a 457(b) Deferred Compensation plan, consider yourself lucky. This plan provides an excellent opportunity to potentially increase your retirement savings, a benefit not all firefighters have access to. The 457(b) Deferred Compensation Plan The 457(b) […]
How Inflation Affects Your Firefighter Retirement
We’ve discussed at great length the kinds of risks firefighters face in retirement, with medical costs often being the primary concern. We also need to consider taxes, as that will be a consistent cost that you simply can’t avoid. However, there’s something else a bit more subtle that can have nearly an equal impact as […]
Is an IRA Right for Me as a Firefighter?
If you’ve ever dipped your toes into retirement planning and investing, you’ve surely come across the Individual Retirement Account, more commonly known as the IRA. If you’re unsure exactly what it is, it’s an investment account that allows you to deduct contributions from your taxable income in exchange for tax-deferred growth. Barring any non-qualifying withdrawals, […]
Investing 101 for Firefighters
Investing can be thrilling, right? Watching your favorite stock drop in value just to shoot up is like watching your favorite team come back from being way down to win the Super Bowl. However, this excitement isn’t exactly your ally, as those emotional highs and lows that come with the rise and fall of your […]
Secure Your Future with a GOALs Based Plan
Imagine you’ve been investing your savings for major milestones like buying a new home, taking the family on that dream vacation, or funding your kids’ college education. But when the time comes to use your savings, you discover they’re not as ready as you thought—maybe your assets have lost value, the taxes involved would derail […]