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Thread: A word of advise.
07-17-08, 01:07 PM #1RookieSupporting Member Lvl 3
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A word of advise.
Take the time to read and what I am about to say it may help you later in life.
I am 62yo and yesterday I got my first SS check. I have worked since I was 17 and always had a job when I wanted one. I have thirty years as an LEO. The Dept's that I worked for the last twenty years did not have any retirement when I first started with them. They eventually got 401's and 457's which I participated in. The State of Ga. does not have a retirement program for LEO's other than state employees. They do have a supplemental program that they call the "Peace Officers Annuity and Benefit. When I started with that you paid $10 per month now it is $20 per month. They now pay about $24.75 for every year of service so I was accredited with 22 years plus several months. For that I get about $520 per month less taxes. I am getting $1109 per month SS. You do the math. If I had not put money in the 401 and the County had not put money into the 457 I would be hurting for sure.
I know how hard it is especially for young troops to put money aside but you have to make a concerted effort to do it. It will help you in the future and help your family if something happens to you. Just $20 or $30 dollars a month will be help secure your future.
I got a check from the 457 which is what the employer donates to for over $11K that was in just six years. Which I used some to pay off some bills and now I am investing a little in the stock market. When the economy is in the dumped that is when you should buy stocks if you have the cash.
To do my investing I use Sharebuilder .com, just in case anyone is interested.
Contribute, contribute, contribute.
I should add that Ga. is an at will State, there are no unions except for a few in the metro areas which are nothing like those in other parts of the country. We have the Southern States PBA and FOP but for the most part they have little or no bargaining power. Most Counties are not Civil Service so everyone gets screwed every four years."A Knights Oath
A Knight is sworn to valor; His Heart only knows virtue; His Blade defends the helpless; His Might upholds the weak; His Words speak only the truth; His Wrath undoes the wicked"
Aspire to Inspire
07-17-08, 01:16 PM #2
07-17-08, 01:25 PM #3
On my second day of work I went to personnel and set up my retirement fund. I'll have 29 yrs (if I retire right at 50) of 9% of every paycheck in my retirement plan.No one has greater love than this, to lay down ones life for ones friends - John 15:13
"The Wicked Flee When No Man Pursueth: But The Righteous Are Bold As A Lion".
We lucky few, we band of brothers. For he who today sheds his blood with me shall be my brother.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~The opinions, beliefs, and ideas expressed in this post are mine, and mine alone. They are NOT the opinions, beliefs, ideas, or policies of my Agency, Police Chief, City Council, or any member of my department.
07-17-08, 01:31 PM #4
My family lives off of 75% of what we make. Church gets 10% and the retirement funds get 15%. Any extra cash goes to retirement and kids college. Only debt we have is our house. I will retire a millionare if I have to sell a kidney. What the hell is social insecurity anyway?
Meanwhile, fishing in Russia:
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that justifies it." -- Frederic Bastiat
"Certainly there is no hunting like the hunting of man and those who have hunted armed men long enough and liked it, never really care for anything else thereafter." Ernest Hemingway
The opinions given in my signatures & threads DO NOT reflect the opinions, views, policies, and/or procedures of my employing agency. They are my personal opinions only, thereby releasing my agency of any liability, or involvement in anything posted under the username "Five-0" on Officerresource.com
07-17-08, 01:39 PM #5
I've been looking more into my retirement since getting ready to make the switch to a new job. Luckily my PD, no matter how backwards it is, has a pretty decent setup on a statewide defined benefit pension program (FPPA). I guess we're lucky here! At 55 (vested retirement age), I will have over 34 years on the job, and will be getting a monthly check for about 80% of the average of my highest years of pay. In addition, I'm putting money into a 457 deferred comp account, and when I retire, I'll have something on the order of a quarter million dollars in there in addition to my pension check. And that's only with 4% per check that I'm doing now. I'm thinking about bumping that up to 8%.
My new PD is also with the same pension association, but instead of defined benefit, they are on a money market plan. So I will be able to have my years of service transfer, but if the market takes a dump before I retire, I'll take a hit. There is talk of them moving over to the defined benefit system though, so there's hope there."If anything worthwhile comes of this tragedy, it should be the realization by every citizen that often the only thing that stands between them and losing everything they hold dear... is the man wearing a badge." -- Ronald Reagan, in the wake of the deaths of 4 CHP troopers in the Newhall Incident, 1970
The opinions given in my posts DO NOT reflect the opinions, views, policies, and/or procedures of my employing agency. They are my personal opinions only, thereby releasing my agency of any liability, or involvement in anything posted under the username "121Traffic" on O/R.
07-17-08, 01:44 PM #6
Retirement, what's that?
Pending a large casino payoff or winning the lotto, I'll be working until they put my hideous corpse into the ground. I love being poor!
07-17-08, 02:53 PM #7
Right on the point narcodog
I'm 1.5 yrs from my age 62 soc sec option. I dont expect much. I'll take mine while I can collect it. Who knows if I'll make it to the max level age to collect a few dollars more?
Fortunately my dept had a well managed state fund, and deferred comp plan run by a productive professional brokerage.
From an old geezer's point of view, the biggest problem for younger cops retirement options are:
1) many do not plan for that time
2) many think that sudden disablilty (on or off job) happens to other people.
3) debt, excess credit card use, cars, boats, toys
4) house - pay off mortgage(s)
Dont plan on Social Security providing you with enough to live on. Do plan to get less, and having to hire a lawyer to get what you deserve. Expect Congress to raid the fund whenever possible.
State pensions are better managed. But politicians will raid these funds if they are too successful.
Union pensions - I have no experience
Military reserve 20 year retirement. It's a pain in the butt drilling all those years, but I was paid for the drills too. I got my retired pay and blue retired ID last year. Medical under Tri-Care Prime. Worth considering. Lots of LE job related opportunities, and networking in the DoD.
Invest: private funds, real estate, etc. check out the brokers carefully. I know a retired cop who was a milliionaire when he retired - rental property ownership, mangement, re-sales of houses and comm'l property. He was his own broker thus saving commissions and fees.
Beware the "financial planner" working on commission, referrals of friends or churches, offering unknown lines of insurance products, esp annuities.
If you are in debt now, get out of debt.
If you have a deffered comp stock / bond / cash plan available thru your employer, join and contribute. Tax-free growth, many employers match your contributions up to certain limits. Step pay increases and longevity increases can be a method of upping your contributions in a way you will not miss the $$. Deferred comp is a private fund. Politicians avoid raiding these funds.
Raiding pension funds is simply theft, re-defined.
Reliance solely on govt. pensions makes you dependent on govt. in your later years.
Get out of debt.Some people come into our lives and quickly go. Some stay for awhile and leave footprints on our hearts. And we are never, ever the same.-- Anonymous
Old People, like me, may not be around to witness the destruction of our Nation. The rest of you may not survive the collapse. We all have the sworn duty to prevent it.
The light of hope burns brighter than the fires of doom.
07-17-08, 03:11 PM #8
I am 62 and the city had its own retirement and did not participate in SSWhen I retired in 86 on disability I got 50% of my pay with 3% cost of living max per year. of that my Ex got awarded 25% of my pay for life. Things be tight at times.
Pretty women make us BUY beer. Ugly women make us DRINK beer. --Al Bundy
07-17-08, 04:21 PM #9I'm your huckleberry...
You can be the weapon, and the gun in your hand is a tool - or the gun is a weapon and you are the tool.
I was looking for a saint who was a devil of a lover,
but every girl I found was either one way or the other...
07-18-08, 07:34 AM #10State pensions are better managed. But politicians will raid these funds if they are too successful.
For those that do have a pension plan and don't participate in SS, Ohio is one, don't forget the double wammy of WEP and WOP. I'll still have 20+ years in social security in addition to my pension but you take a hit for both having less than 30 years in SS and the WEP penality.
07-18-08, 07:55 AM #11
I invested in a retirement plan with Fidelity back in the 80's, doesn't bring in much so I don't really count on it, have a second retirement plan with Met Life, been paying into that one for about 25 years. I had enough time vested in the FRS (7 years to be vested) to retire last November. Pulled that out and invested with a good financial planner who does not get commission from my investments and he set me up with a great plan with Prudential. I plan on getting another job in the near future, but I'm not in any rush, I'm enjoying some free time after working all my life since I was 12 and washed dishes in a restaurant.
My dad, I miss him every day.
Originally Posted by Wolven
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I am a female!!!!! LMAO
Be who you are and say what you feel.....
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And those that mind...don't matter
07-18-08, 12:06 PM #12The Reason People Hate Cops & Causer of WarSupporting Member Lvl 2
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Lots of folks with much better words than I can have already covered important points above.
A few things... The youngest of us should probably not plan on receiving Social Security. Or at best, figure it'll be a little extra... The age is going to keep being pushed back, and the amounts will drop.
Medical insurance... Lots of retirement plans don't provide anything -- or it's at full cost under COBRA. Start planning for it now; see if your associations/unions/funds can't start something to provide for it. Or start banking money to be ready.
YOU ARE NEVER TOO YOUNG TO START PLANNING YOUR RETIREMENT!!Voting against incumbents until we get a Congress that does its job.
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07-18-08, 05:23 PM #13
I'm surprised. Just looked at my 401K. Three months ago I had about 7k in it. Now I have just over 13!!! That's one hell of a jump. Hopefully it keeps going that way. Guess I made some good investment choices when i started.
"Courage is not the absence of fear, but rather the judgment that something else is more important than fear."
-- Ambrose Redmoon
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07-18-08, 07:21 PM #14
Great investment choices, especially since the market has been at a steady decline and it at it's lowest since Oct 07. Good job!
Excellent post narcodog!
It is never too soon to plan for retirement and old age. I know it is hard to make ends meet for most but do what you can, even if it is only 1%. I always told the rookies to join the 457 (deferred Compensation plans), ITHP (increases pension contributions) and/or 401K. The best way to not feel an impact on the paycheck is to do this at one of the pay raise increments and to follow increases with each increment as they step to top pay and for any contract settlements.
07-18-08, 11:21 PM #15
All we have is a 401K but I've been putting into it since I was 19yo at around $400.00 a month. I know it leaves me tight alot in the financial dept at home but I figure it is worth it. The way it is looking I will be making more money when I retire then I do now
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