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New here, any other fire department members here?
Old 07-25-2008, 12:17 PM   #1
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New here, any other fire department members here?

New to the forum. Looking forward to enjoying ER with assistance from Civil Service Pension. Plan to retire at 47 (13 years from now) w/ 25 years of service. Any other fire fighters working their off day to finance ER?

My wife and I are planning to retire together. She will be 45. She has retirement savings in a 401k and Roth. I will have my pension, 457b, and Roth savings. We are also in the process of purchasing an apartment building with $20,500 in gross income. Our business plan for this property is for the mortgage to pay off in 12 years. This should help with the shortage of income until my wife reaches 59 1/2 to qualify for withdrawals from her 401k and Roth. My pension will replace approximately 80% of my pre-retirement income. I will also be able to draw on my 457b upon retirement. In 13 years our personal residence will have 6 years left on the mortgage.

Glad to have found your forum and hope to learn more so we can sharpen our plan.
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Old 07-25-2008, 12:40 PM   #2
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Welcome to the forum!

I don't know of any other firefighters but there are several retired law enforcement people here. When I was on the road I was always happy to have the combination to the firehouse back door for a quick stop or a quiet place to eat lunch.
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Old 07-25-2008, 01:00 PM   #3
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Thanks for the welcome.

Sounds familiar....our PD stops by often. The firehouse can be a great place to take a break. I hope your retirement is all you hoped for.
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Old 07-25-2008, 02:24 PM   #4
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Welcome. My nephew is a firefighter and I help him with his retirement investments - found out he was paying a terrible expense ratio in his city sponsored pan - hope that is not common for firefighters.
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Old 07-25-2008, 04:03 PM   #5
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Welcome to the forum! There is a lot of information here. It will be like drinking from the proverbial fire hose...
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Old 07-25-2008, 04:10 PM   #6
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Welcome. Once the dust settles I'm going to look at joining the local volunteer fire dept. I just switched from being a part-time resident to full, and I'm catching up on things I need to take care of at the house first.
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Old 07-26-2008, 01:56 AM   #7
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Welcome. I like the phrase, FIRE'd Firefighter.
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Old 07-26-2008, 07:31 AM   #8
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travelover,

Were the high expense ratios mutual fund fees or administrative fees?

Thanks
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Old 07-26-2008, 07:48 AM   #9
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travelover,

Were the high expense ratios mutual fund fees or administrative fees?

Thanks
Both - total was over 3%. My wife is a teacher and she was also being robbed in her 403(b) - so I spot a trend based on two data points....
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Old 07-26-2008, 08:21 AM   #10
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Fund expense ratios for my plan vary but are mostly 1% or less. Sounds like I need to check into administrative fees. May I ask if your wife continued to contribute to her 403b? If not where did you/she direct savings? At what point is it better to invest in a taxable account? I already contribute to a Roth.

Thanks
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Old 07-26-2008, 09:29 AM   #11
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Welcome, Cap! SO's nephew is a firefighter. I always enjoy his stories of life inside the firehouse. And the recipes, amazing. He likes to work his off-days as a movie extra.

Looking forward to hearing more from you.
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Old 07-26-2008, 10:53 AM   #12
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Welcome, Cap! SO's nephew is a firefighter. I always enjoy his stories of life inside the firehouse. And the recipes, amazing. He likes to work his off-days as a movie extra.

Looking forward to hearing more from you.

Thanks for the welcome!

The firehouse is full of stories, most of which are true, and good recipes. Of course not all stories are true and I have had grilled cheese only cooked on one side and chili without chili powder!

Most of us work our off-day also. I worked my off-day for ten years before selling off an off-day business to stay home with my son who is now 2 1/2 years old. He stays with grandparents when I am on duty. Working my off-day has allowed my wife and I to get ahead. Our only debt is on our home and we have started our savings toward an ER.
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Old 07-26-2008, 12:02 PM   #13
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Fund expense ratios for my plan vary but are mostly 1% or less. Sounds like I need to check into administrative fees. May I ask if your wife continued to contribute to her 403b? If not where did you/she direct savings? At what point is it better to invest in a taxable account? I already contribute to a Roth.

Thanks
She and others pitched a fit and got Fidelity in as an alternative. I have her in their Spartan index funds. I'm still waiting for my nephew to make a decision. My advice to him was be to skip the tax deferred work option (I think it is a 403(b)?), and just go for Roths, then stock index funds in a taxable account.
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Old 07-26-2008, 12:09 PM   #14
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I have a prospective fire fighter that hasnt thought much about early retirement yet...

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Old 07-26-2008, 12:38 PM   #15
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She and others pitched a fit and got Fidelity in as an alternative. I have her in their Spartan index funds. I'm still waiting for my nephew to make a decision. My advice to him was be to skip the tax deferred work option (I think it is a 403(b)?), and just go for Roths, then stock index funds in a taxable account.

Thank you for the information. My tax deferred option is a 457b. I will check in to the total expenses of my 457b. After maxing a Roth I may need to go to a low cost/low turnover taxable as well.

Once again, thank you.
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Old 07-26-2008, 12:40 PM   #16
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I have a prospective fire fighter that hasnt thought much about early retirement yet...


Great pic! Can he cook?
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Old 07-26-2008, 02:26 PM   #17
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Of course!



We got him that firefighter outfit for halloween last year, and he's been wearing it about 3 hours a day since. He added a pair of "fire boots" that he spotted at the store (black rubber rain boots) and a pair of "fire gloves" (red garden gloves in kid sizes).

Now he wants an air tank. I'm working on a 2 liter bottle of pepsi right now. A few bits of hose, some velcro, and voila.
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Old 07-26-2008, 08:35 PM   #18
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Of course!



We got him that firefighter outfit for halloween last year, and he's been wearing it about 3 hours a day since. He added a pair of "fire boots" that he spotted at the store (black rubber rain boots) and a pair of "fire gloves" (red garden gloves in kid sizes).

Now he wants an air tank. I'm working on a 2 liter bottle of pepsi right now. A few bits of hose, some velcro, and voila.

Great looking boy! My son is 2 1/2 and I can never get him to leave the firehouse without a bribe! Its awesome you help him with his "fire gear" he will have lots of fun, no doubt. Brownies with walnuts? Sounds good.
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Old 07-26-2008, 09:50 PM   #19
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Thanks. He just helped me with a smoker box full of bratwurst, some hot dogs for a quick lunch, a 2.5lb spice rubbed jimmy dean sausage chub stuffed with tomato paste and mozzarella, a 3lb brisket and a full rack of baby back ribs. Not going to keep a whole station groaning, but a-ok for me, my wife and Gabe.

He had two ribs, a slice of brisket, some potato salad and a whole grilled peach that he picked himself off our tree and we grilled together for his dinner.

My wife is nibbling on ribs and brisket and a bratwurst and making extreme yummy noises. This bodes well for me....
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Old 07-26-2008, 11:00 PM   #20
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Thanks. He just helped me with a smoker box full of bratwurst, some hot dogs for a quick lunch, a 2.5lb spice rubbed jimmy dean sausage chub stuffed with tomato paste and mozzarella, a 3lb brisket and a full rack of baby back ribs. Not going to keep a whole station groaning, but a-ok for me, my wife and Gabe.

He had two ribs, a slice of brisket, some potato salad and a whole grilled peach that he picked himself off our tree and we grilled together for his dinner.

My wife is nibbling on ribs and brisket and a bratwurst and making extreme yummy noises. This bodes well for me....

You know what they say...if mommas happy everyones happy!
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