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What is the retirement plan for Firefighters?
By Tom Dunn | December 29, 2008
Minas. asked:
I am a 16 year old teen living in LA, California and lately have been very interested in becoming a firefighter. I want to know what is the retirment plan for becoming a firefighter? It is a little early to be thinking about this then again i don’t come from a very rich family :). I need to know about what percentage do you get after you retire, let’s say from 10-15 years of service. Thank you soooooo much!
Fernando
I am a 16 year old teen living in LA, California and lately have been very interested in becoming a firefighter. I want to know what is the retirment plan for becoming a firefighter? It is a little early to be thinking about this then again i don’t come from a very rich family :). I need to know about what percentage do you get after you retire, let’s say from 10-15 years of service. Thank you soooooo much!
Fernando
Topics: retirement planning |
January 1st, 2009 at 11:14 pm
Your BEST option is to assume you get NOTHING from the department and invest on your own. This protects you from several potential issues. 1. If you DON’T stay with the department, you still have your savings. 2. If the departments plan goes bankrupt, you still have your savings.
January 3rd, 2009 at 7:45 pm
You need to look at the contract your fire department has with the city.
In my department after 20 yrs of service you retire at 50% of your final salary.
for every year after 20 you get another 2% up to a max of 75%
Many departments are similar, check into the municipalities for which you may work.