FDNY
457

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plans, participants are allowed to deposit pretax money that then compounds without being taxed until it is withdrawn.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…
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FDNY life insurance

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…
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saving for college FDNY

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…
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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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