Single vs. Married Financial Planning: Tailoring Your Approach
If you’re like most firefighters, you’re married and own a home. In fact, the rates of marriage and home ownership among American firefighters are typically higher than national averages. A recent FireRescue1 study showed that 77% of male firefighters are currently married¹, while a 2014 Ancestry.com study revealed that 84% of firefighters own their homes² […]
The Order of Investing for Firefighters
Alright, so you’re making a solid, consistent income, but you also have debt hanging around. Now you’re wondering: should you start investing or focus on wiping out that debt first? Maybe it seems logical to go all-in on paying off that debt before even thinking about investing. Or maybe you’ve heard that the earlier you […]
Debt Strategies Every Firefighter Should Know
Debt has become a part of life for most Americans, and firefighters are no exception. With mortgages, car loans, student debt, and credit cards, many of us find ourselves sinking into debt that keeps us chained to work just to make ends meet. But the truth is, debt keeps people stuck in the rat race. […]
Are You Ready to Retire? (A Checklist for Firefighters)
As a firefighter, deciding to retire isn’t as simple as hanging up your gear and saying you’re done. It takes careful planning to ensure your financial security and stability in the years ahead. With so many moving parts—pensions, savings, healthcare costs, and more—it’s easy to feel uncertain about whether you’re truly ready to make the […]
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 […]
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 […]