What Is Your Plan? - Featured in First Due Magazine

As firefighters, EMT’s and paramedics, we plan for any and every kind of emergency that we may encounter. We take our training and our jobs very seriously. We strive to be at the ready and to be at our best when the tones go off. This drive we have, to be at the top of our game coupled with the demands of our personal lives can and will consume us. With everything going on in our lives, it is easy to lose track of time or even remember what we ate for lunch yesterday. However, our exceedingly busy lives can consume us leading to certain things falling through the cracks. One example is our retirement; will we be financially ready when it is time to retire?

The Kitchen Table…besides a good room and contents fire, the kitchen table is what I miss about the job the most. While the fire house kitchen table can be a great place to learn important things about the job and life, there are some topics that we should leave to the people who are better equipped to handle them. Legal and financial advice are two such topics that immediately come to mind. Just like those fire house lawyers and legal advice, we would be wise to seek other resources and not solely rely on financial advice from our co-workers. This guidance should be left to trusted professionals that have the experience and training needed to properly serve us.

The Plan…Let me ask you, what is your plan? Is it to put as much as possible in your 457 Deferred Comp plan and hope for the best? We firefighters understand that the incident action plan for a single-family room and contents fire is different than smoke showing from an industrial building, or responding to smoke coming from a strip mall is different compared to a high-rise. Likewise, when customizing your retirement plan each situation is different and will need to be approached accordingly.

Evaluating Your Plan… Fire conditions change and when they do, we re-evaluate, and change tactics as needed. We as firefighters need to do the same with our retirement planning. Changes in the market, family structure, and personal and professional goals must all be considered when planning our retirement.

Understanding Our Benefits…Coming on the job when I was 22 was both a blessing and a curse. While it was great to start this career early, I was green at life. I didn’t realize the value of certain benefits that were afforded to me or the importance of planning out my financial future. Most if not all my financial planning was simply doing what my brothers and sisters were also doing. Understanding our benefits and how they work is crucial. Today’s fire service is younger now more so than in recent history. Our union leadership is tirelessly working to ensure our safety and well-being, and to uphold the hard-earned pay and benefits secured by the men and women who came before us.

But it is also a shared responsibility of the members and the union leadership to be certain that all our members know what benefits are available and how they work.

Anew Advisors…Now retired from the job, I am fortunate to work with a team of financial professionals that we in the fire service can trust. Their level of professionalism combined with ethical standards is only part of what makes Anew Advisors stand above the rest. The primary difference is our investment philosophy and our Roadmap exercise that helps members devise a plan and then consistently evaluate that plan. This is a no cost planning tool that can, will, and IS improving the lives of members in the public safety community. Anew Advisors is not only here to assist you with your plan, but our informative e-mails and education initiative is a great way for you to learn and understand the “why” behind your plan. These topics include but are not limited to: Roth vs. Traditional IRA’s, market updates, how your pension works, and how it works together with your deferred compensation plan.

When we have a plan and we stay focused, that room and contents fire goes out every time. When it comes to our retirement, we must also have a plan, continually evaluate the plan, and stick to the plan. As a result, retirement will be glorious.

Whether you have six days, six months, six years on the job, or are counting down the days until retirement, we are here to help you. Start your plan early and re-evaluate your plan as needed; we all need a plan we can trust and understand.

Contact me to get started with your Roadmap or to evaluate the financial plan you currently have.

Mike Bongiorno

414-520-8589

michaelb@anewadvisors.com

Retired Milwaukee Fire Department Captain/Union President

Anew Advisors | Director of Business Development - Fire Service