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Old 06-01-2015, 06:02 PM   #21
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Join Date: May 2009
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Originally Posted by Jpg1717 View Post
Before taxes. Healthcare and taxes will be taken out. If we are only looking at $, then I should keep working, but I want to retire. I thought I was fortunate to have a pension with cola, but it looks like that might not be enough . If I have to , I will go out and get a safer job. How do all of these people retire early without a pension ? If a pension with cola and 700 k isn't enough , then I guess you have to be a multi millionaire to retire .

Well Jpg, you still have to be congratulated for a nice stash built up for retirement. Still a very impressive amount, and considerably more than me as I live off my pension. Im not sweating it though and I am retired at 50. If you wanted just a basic retirement it doesn't take a math wizard to figure out you have plenty to retire on. Its the bells and whistles that have to be accounted for. Just my opinion, but anyone who is conscious of their budget, have shown ability to save money, and has a basic roadmap will always be able to adapt and survive fine. But as a person with a GF instead of a wife, I imagine retirement is considerably cheaper for one even with a mortgage that I have.

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Old 06-03-2015, 02:38 PM   #22
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Join Date: Apr 2015
Posts: 88
I'm in the same boat as you and recently retired with 30+ years in the Fire Service, retiring is the best thing ever! The one thing I missed is what percent of your final salary are you retiring with? I was lucky enough to max out at 90% and my take home pay is actually more then when I was working.

Although Firefighter salaries in my state are twice the amount as yours, I guess it's relative to where you live and what you plan to do after retirement.

Just out of curiosity, does your final monthly pay include all your other miscellaneous pay such as holiday pay, educational pay, working out of grade pay, etc.? For me these extra's really added up.

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Old 06-03-2015, 03:05 PM   #23
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Join Date: May 2015
Location: Toledo
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Drake: my high 3 years included OT, holiday,,,. After 25 years we get 60% of high 3 years . Then I did 5 years in the DROP plan. Thanks for your post . I am sure I will also love retirement .
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Old 06-03-2015, 05:25 PM   #24
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I think the biggest problem for guys like us is leaving the job that we've loved our whole career, very few people have a life like this. Although I miss the daily fire house life, running calls and hanging out with friends, retirement was the right choice for me after 30+ years. You and I are lucky to be able to retire still half way young and in one piece.

Over the years I've seen a lot of guys go out on disability in their 20's and 30's and have always felt sorry for them. Living on 50% and having to start a new career at that point isn't something I wish on anybody. I've always heard that only 10% of Police & Fire make it to a "normal" retirement age. Seems pretty accurate.

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