Blog - Client Focused Advisors

FDNY 457 vs 401(k) – What are the Differences?

Two types of Internal Revenue Service-sanctioned, tax-advantaged employee retirement savings plans are the 401(k) plan and the 457 plan, both are available to FDNY members. As tax-advantaged plans, participants are allowed to deposit pretax money that then compounds without being taxed until it is withdrawn. These retirement savings accounts were designed to serve as one…

FDNY Life Insurance

In past content, we’ve discussed utilizing life insurance for FDNY members to protect a max pension option. In applying this strategy, we’ve talked about implementing this FDNY life insurance component before a firefighter retires. This is important because the acquisition of life insurance is dependent on health and age – and if one waits until…

Saving For College as a FDNY Firefighter

There is nothing more special in this world then meeting your baby son or daughter, or grandson or granddaughter, for the first time. As you get settled into life with the new baby, you may ultimately start thinking about the future and financial responsibilities that come along. Such concerns may include putting a will in…

Traditional versus Roth – Which One to Pick and Why?

If you are an active duty or retired FDNY member you probably are aware you have various choices on accounts you can use to save for retirement. Depending on your employment tier these can include the pension excess accounts, Traditional or Roth 457, Traditional or Roth 401(k), IRA’s and the group annuity. When it comes…

Life Insurance For Pension Protection

Families utilize life insurance for many different reasons – for family protection while kids are still young, to pay off a mortgage, to create a legacy for children, etc. Several different types of life insurance are available in the marketplace to achieve these various objectives. Life insurance is essentially characterized by two different types –…

What are Pension Options with the FDNY?

What is a Pension Option? Once you come to the end of your FDNY career you will be faced with a decision on what you will be receiving in retirement from the FDNY in the form of your pension. The final pension option will be based a formula that will include but is not limited…

What FDNY Firefighters Should Know About Taxes in Retirement

If you are a FDNY firefighter and are planning for retirement, this article may provide some helpful tax information to be aware of. I will go through and list some of the differences in taxation you will see as an active-duty firefighter compared to a retiree. The topics mentioned include the change in FICA taxation,…

How Does Inflation Affect Retirees with a Pension?

What is Inflation? Inflation is the decline of purchasing power of a given currency over time. It’s a quantitative estimate of the rate at which the decline in purchasing power occurs can be reflected in the increase of an average price level of a basket of selected goods and services in an economy over some…

How to Maximize Your Pension

With over 225 FDNY members – as clients of our firm – we’ve been involved in the decision-making process regarding pension options at retirement quite often. The pension is obviously a huge element of a firefighter’s retirement package and all too often a firefighter will wait until they retire to consider which pension option fits…

Long Island Financial Advisors, Managing Your Wealth in New York

If you live on Long Island, you reside in one of the most expensive cities in the United States. In fact, Long Island is the second most expensive place to live in the country. It costs an average of $100k a year just for a family of four to get by in Long Island. A…