Chicago Police & Fire Professionals

Police & Fire


Welcome to a special section of our website dedicated exclusively to the men and women in uniform. Police and fire professionals face financial planning challenges unlike any other occupation, including higher-than-average risk of death or disability, younger-than-average age of retirement, and a higher-than-average divorce rate. As a result, our police and fire brothers and sisters require more-complex financial planning solutions.       

Police and firefighters in Chicago, and throughout Illinois, receive retirement income from a variety of sources, most of which is different from their private-sector friends and neighbors. 

  • Your pension is regulated by the state, with no federal oversight or insurance.

  • Your 457 plan has different rules than 401(k)s and traditional retirement plans.

  • Your social security benefits, most likely, will be affected by your police and fire earnings.

  • Where you choose to live in retirement will affect how your pension income is taxed.

In a time of uncertainty in Illinois regarding police and fire pensions and retiree health insurance, it is more important than ever to receive independent, sound financial guidance from a trusted advisor. With more than 20 years of experience working alongside police and fire professionals, Gaughan Capital Management has the knowledge and experience to help you make the right decisions when faced with the following questions:

  1. What is the benefit (or cost) to retiring now versus two to three years from now?

  2. With uncertainty around health insurance, how should it factor into my retirement decision?

  3. What options do I have with my deferred compensation plan upon retirement or disability?

  4. How much will my social security benefits be reduced? Will my wife or husband's social security benefits be affected? What age should we claim social security benefits?

  5. Should I pay off my house before retiring? Should I downsize? Does it make financial sense to buy a retirement home outside of Illinois?

Our firm’s founder, Marty Gaughan, a retired Chicago firefighter, faced many of these same challenges himself and is committed to helping you answer these questions, as well as help you understand the unique variables you face in executing a successful retirement.

If you would like to learn more about our services, please click here to schedule an initial 20-minute phone call to determine if there are any areas where we may help.

Learn more about our upcoming complimentary retirement seminars exclusively for police and fire professionals.