1. #1
    MembersZone Subscriber

    Join Date
    Apr 2002
    Lexington, NC USA

    Default 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

  2. #2
    MembersZone Subscriber
    ffmedcbk1's Avatar
    Join Date
    Aug 2003


    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."

  3. #3
    Forum Member

    Join Date
    Oct 2005


    Quote Originally Posted by firefuss View Post
    Look at the numbers in your post. Retirees getting $175 a month? I spend that much a month on food. Did you forget a zero somewhere?
    I spent that much on beer and wings this week alone. I better not retire.
    Just another one of the 99%ers looking up.

  4. #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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