Guardian Financial Partners

Firefighters/EMT

An estimated 7,000 plus Firefighters retire every year including most under the age of 50.

Last year, 36% of EMT/Paramedics took early retirement.

How are you prepared for retirement at such an early age?

How educated are you on your pension?

What is a pension?

An employer sponsored retirement plan that fives employees a “head start” or “leg up” on retirement planning. Some guaranteed employees a certain level of income during retirement that is typically only a portion of your salary determined by a formula..

What does a defined benefit plan mean?

A defined benefit plan is funded by the employer and promises you a specific monthly benefit at retirement. More often, this is calculated through a formula. This formula has factors that will affect the amount.

What is a defined contribution plan?

A defined contribution plan does not promise you a specific benefit amount at retirement.

Do city and county employees fall under a defined benefit plan or a defined contribution plan?

Each city and county are different. Please reach out to your financial concierge, Lisa Galloway for more information.

When can you retire?

Each city, county, and state governments can be slightly different in their retirement requirements. It is best to speak with your financial concierge, Lisa Galloway to be certain of the exact requirements.

How are state and local governments changing their pension plans?

In recent years, all states have enacted major changes to their public pension systems
to reduce cost.

Common Questions:

  • How do pensions pay out?
    Typically, there are two ways: you can receive a monthly check or if your
    employer allows you can take a lump sum.
  • Can lump sums be rolled over?
    Yes, however, please make sure you what classification. Typically, most are tax-
    deferred.

For more information, please contact Your Financial Concierge, Lisa Galloway.

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