Every single day, firefighters are risking their health and even their lives to serve the community and help people. But this job is only for the young, strong, and fit. If you're a firefighter, you inevitably face early retirement which may not be quite beneficial in this type of career.
It's important for you to consider and plan for retirement ahead of time, even if you feel that you're still young. You never know when you might get injured on the job. You also don't have much time left to work because this job entails physical strength and perfect health. What's more, you'll surely have more years of retirement to cover for in the future than the average worker.
So what's your plan?
The Downside of Retirement Benefits
Because being a firefighter takes so much time and energy and puts you at great risk, shouldn't it be paying a lot more than ordinary jobs?Sadly, even if the sensible answer may be yes, the reality is that firefighters actually earn 40% less on an average when placed side by side to comparable technically skilled professionals. Moreover, you as a firefighter are not entitled to Social Security benefits that typical workers get to enjoy when they have retired.
With such a scenario, your own savings for retirements will surely count a lot. Studies show that some city and county employers have provided an increase in retirement benefits for firefighters. Both employers and employees contribute to the savings throughout the duration of employment. But you must understand that most of it will come from your own pocket in the form of deferred wages.
However, there's also a downside here that you have to be aware of--- your spouse or family will only be getting 50% of these retirement benefits when you pass away. The rest simply goes back to the system to be used for those who are still living. It seems unfair, but it's just the way it is.
The Investment Options for Retirement
Knowing this reality, it's therefore essential for firefighters to save up on their own so as to be sufficiently ready for retirement. Aside from bank savings, you need to look for other investment options.There are some firefighters who invest in small businesses and have their spouses or other trusted people handle these ventures. There are also those who invest their money in stocks and mutual funds. You can look into these options by consulting financial coaches and attending related seminars.
Now if you wish to get extra protection from insurance, you might have a difficult time getting approved. Or you might have to pay a higher premium because of the nature of your job. After all, being a firefighter makes you prone to various sicknesses and even death.
It's certainly crucial to research more about your retirement savings options so you can live a comfortable life when you retire. Separate investments that you've grown will also help your family in case something happens to you.