Retirement is one of the most significant milestones or
passages in life. Retiring
from the Fire Department can alter your life in countless ways. Retirement
most obviously affects your finances and your time. It
can also change your identity, social network and friendships, your motivation,
your self-esteem and your overall happiness and well-being.
How you chart your course for retirement will make all the difference in whether the changes that come in your golden years will be financially comfortable and emotionally satisfying or a constant struggle.
Finances
The earlier you plan for retirement with an appropriate retirement savings plan, the longer you can allow your money to grow, thereby ensuring that you can live your chosen lifestyle after retirement. Saving in the present can literally save your future.
How to best save now will depend on many variables, your current income, your current debt, your retirement location and estimated future living costs among others.
Calculating costs for your retirement is available from professional financial planners as well as from financial web-sites and calculators. Link
Do it now. Delaying your savings a year or two or three may make the difference between “have” and “have not” in your later years.
Lifestyle
Retirement from the Fire Service may come at a relatively young age for many firefighters. (Find out average age of retirement from IAFF and if they track what FF’s do after they retire). The age at which one may no longer be able to keep up with the physical demands of firefighting may be an age when an individual still has the skills and motivation to contribute in a career or job. Perhaps a second job that you held during your years with the Fire Service can be expanded. Or you may begin a second career.
If you plan to continue to work after you retire from the Fire Service planning for this will likely need to begin years before you retire.
Second careers may require:
Savings
Networking
Training
Resume Building
If your retirement from the Fire Service is the end of your work life- how will you spend your time? It is important to plan for post retirement activities even if it does not involve work so that the significant changes that come with retirement do not catch you off guard. Talk with other firefighters who have retired and learn about both the pleasures and pitfalls of retiring from Fire Service.
Planning for Emotional Changes
For a full retirement planning guide to help guide you when to retire, lifestyle; the pros and cons of a second career and financial considerations (selling or keeping your home, social security, stocks, etc.) see the following websites.
Fool.com – Motley fools have a very accessible and user friendly site
Financial websites including-
www.Thrivent.com (Retirement calculators)
Retirement Planning Assistance from the Fire Service
Check with IAFF about available services for retirement planning:
HR
Trainings
Consultants
Reading materials/ brochures