FDNY
Traditional versus Roth

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…
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Life insurance for pension protection

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 –…
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pension option

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…
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taxes in retirement

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,…
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Inflation

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…
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maximize your pension

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…
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FDNY Retirement and Pension Plan, What You Need to Know

As a New York City firefighter, you are one of the few individuals left in the United States that can retire and receive a monthly pension sponsored by your employer. Still, you’ll need to know your retirement options since you’ll still have many choices while planning along the way. FDNY retirement pension plans allow you…
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firefighter retirement plan

Firefighter Retirement Plan, is Your Pension Enough?

The retirement benefits most of us will experience in the future will not be similar to our parents’. A generation ago, a decent job meant having the potential for a reliable retirement income until death. Back then, employers actively engaged with funding and providing for their employees’ future retirements, meaning the employees were passive players…
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