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New here, any other fire department members here?
07-25-2008, 11:17 AM
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#1
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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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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07-25-2008, 11:40 AM
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#2
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 24,150
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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.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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07-25-2008, 12:00 PM
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#3
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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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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07-25-2008, 01:24 PM
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#4
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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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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07-25-2008, 03:03 PM
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#5
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gone traveling
Join Date: May 2008
Posts: 3,864
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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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07-25-2008, 03:10 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 12,537
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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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07-26-2008, 12:56 AM
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#7
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Moderator Emeritus
Join Date: Dec 2005
Posts: 10,125
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Welcome. I like the phrase, FIRE'd Firefighter.
__________________
Angels danced on the day that you were born.
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07-26-2008, 06:31 AM
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#8
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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travelover,
Were the high expense ratios mutual fund fees or administrative fees?
Thanks
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07-26-2008, 06:48 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by FDCaptain
travelover,
Were the high expense ratios mutual fund fees or administrative fees?
Thanks
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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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07-26-2008, 07:21 AM
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#10
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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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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07-26-2008, 08:29 AM
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#11
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Moderator Emeritus
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,873
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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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07-26-2008, 09:53 AM
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#12
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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Quote:
Originally Posted by CuppaJoe
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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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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07-26-2008, 11:02 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2007
Posts: 14,328
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Quote:
Originally Posted by FDCaptain
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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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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07-26-2008, 11:09 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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I have a prospective fire fighter that hasnt thought much about early retirement yet...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-26-2008, 11:38 AM
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#15
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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Quote:
Originally Posted by travelover
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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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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07-26-2008, 11:40 AM
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#16
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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07-26-2008, 01:26 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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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.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-26-2008, 07:35 PM
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#18
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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Quote:
Originally Posted by cute fuzzy bunny
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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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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07-26-2008, 08:50 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,702
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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....
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-26-2008, 10:00 PM
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#20
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Dryer sheet aficionado
Join Date: Jul 2008
Posts: 44
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Quote:
Originally Posted by cute fuzzy bunny
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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You know what they say...if mommas happy everyones happy!
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