Police & Fire Retirees

Police & Fire
 

 

Welcome to a dedicated section of our website exclusively for the men and women in uniform. Police and fire retirees face financial planning challenges unlike any other occupation, including the 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 are different from their private-sector friends and neighbors.

  • Pension is regulated by the state, with no federal oversight or insurance
  • 457 plan has different rules than 401(k)s and traditional retirement plans
  • Social security benefits, most likely, will be affected by police and fire earnings
  • Retirement residence will affect how pension income is taxed

In a time of uncertainty 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, Marty Gaughan has the knowledge and experience to help you make the right decisions when faced with the following questions:

  • What is the benefit (or cost) to retiring now versus two, three, or five years from now?
  • With uncertainty around health insurance, how should it factor into my retirement decision?
  • What options do I have with my deferred compensation plan upon retirement or disability?
  • 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?
  • 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 your options, please click here.