Thread: Need Help w/ Retirement issues
03-04-2009, 10:17 PM #1
- Join Date
- Apr 2002
- Lexington, NC USA
Need Help w/ Retirement issues
I am on the Fire Department's retirement fund. Firefighters decide whether they want to participate or not. If they participate, they put in .07% of the starting pay for a firefighter per pay check. Once the Firefighter retires he/she receives a monthly check for about $175.00.
These incoming and payable figures are set, and remains the same across the board until the retirement committee decides we need to increase or decrease the amounts coming in and going out.
What my question is...Does anyone out there have anything similar to this and what do you do with the money. We have a percentage of ours in the stock market and are going broke.
If you do have anything like this retirement fund, please let me know what you are doing during the stock market downfall and how are you making any money. Do you have the money in a savings account that only draws about 2 or 3% or what?
Thanks so much!Kelly J.
IAFF Local 682
03-07-2009, 10:35 PM #2
Is that .07% correct?
If so that would be 70 cents per $1000 pay check. Huh?
Did you mean 7% of your pay?
Also when are you planning to retire. Most good solid advisor will tell you to put 15% of your $$$ away for retirement. If the department fund takes 7%, then find a good place for the remaining 8%. IE, a Roth IRA (in Mutual Funds or some types of Bonds), a stnadard IRA, or Defferred Comp
If your #'s are accurate, find something that doesn't waste your money such as what you described.Originally Posted by madden01
"and everyone is encouraged to use Plain, Spelled Out English. I thought this was covered in NIMS training."
03-22-2009, 09:39 PM #3
- Join Date
- Oct 2005
03-28-2009, 09:56 PM #4
- Join Date
- Mar 2009
sounds similar to the retirement program the volunteers did on the combination department I started at. It sounds like a good plan if you have absolutely no interest in learning how to invest/trade (investing is a dinosaur in my opinion, you must learn how to trade, when to buy and when to sell to hope to have a retirement fund), it's a guaranteed check when you retire, although probably just enough for gas money around then. If you do wish to learn to trade, then you should either use your dept's 457 or a set up your own 401k through any online broker. There is a HUGE advantage to your own 401k if you wish to learn to trade/invest. You can buy and sell exchange traded funds, that are similar to mutual funds except they trade throughout the day. You can have the price stability of a mutual fund with the ability to get in and out whenever you want. There are also ETF's that go opposite the direction of the market. Therefore, if through your research or someone else's you think the stock market is going to take a dive, you can buy an ETF that makes money when the market drops. This is not being anti-American, it is just being prudent. Why should you and I and all are fellow firefighters be left holding the bag because the executives on Wall Street want to cash out a few hundred billion dollars as they have just done. We should not be forced to be left "holding the bag"...
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