The Roth IRA is another retirement vehicle that will allow firefighters to have a more than comfortable retirement. The Roth IRA is a post-tax retirement plan. This means that we will use post tax dollars to make our contributions. Compare this to our 457b retirement plan which uses pretax dollars. […]
Personal Finance
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Biggest financial mistake new firefighters make.
Becoming a firefighter is a dream job. We all jump through hoops and hurdles to get into this profession. From FF1 academies, EMT school, fire science classes, paramedic school, applying to as many departments we can, taking test all throughout the state, going through interviews, failing interviews, going through backgrounds, […]
Retirement
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What is the Roth 457b?
In our last article we discussed what the 457b retirement plan is. In this article we will go into detail about the Roth 457 retirement plan. Here are the key details of the Roth 457 retirement plan. •Contributions are made post tax (taxes paid) •Earnings grow tax free •Withdrawals made […]
Retirement
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What is the 457b Plan?
Here at firehouse finances, we will be providing financial education for firefighters. This will allow firefighters to increase their wealth and help shave a few years off their working careers, so they can have more time with their families. The 457b retirement plan is a great vehicle for firefighters to […]
Personal Finance
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Why personal finance must be a priority for firefighters
The fire service is such a great career! It has turned into a profession that allows me to provide for my family beyond my wildest imagination. I have such gratitude to all the firefighters in the past who paved the way for us newer generation firefighters who don’t have to […]