Don’t Suffer When it’s Time to Retire
Planning for retirement can feel overwhelming, especially when your employer doesn’t offer a retirement plan. But as a first responder, preparing for your financial future is just as important as protecting your mental and physical wellness. The good news? You don’t have to wait for your agency to offer a plan; you can take control of your retirement savings today.
Open an IRA (Individual Retirement Account)
An IRA is a great starting point for individuals who don’t have access to an employer-sponsored plan like a 401(k). You can open one through most banks, credit unions, or investment firms.
Traditional IRA: Contributions may be tax-deductible and grow tax-deferred until withdrawal.
Roth IRA: Contributions are made after tax, but withdrawals in retirement are tax-free.
Most providers allow you to get started with as little as $25 to $100.
Automate Your Contributions
Just like setting up a recurring bill, you can arrange for automatic transfers from your checking account to your IRA. This helps you stay consistent and makes saving a habit, not a chore.
Start Small, Increase Over Time
Even if you’re only able to contribute $25 or $50 a month, it adds up. As your income grows or your expenses change, you can increase your contributions gradually.
Consider a SEP IRA If You Have Side Income
Many first responders have second (third, fourth) jobs. If you’re self-employed or work part-time on the side, a Simplified Employee Pension (SEP) IRA might be a good option. It allows for higher annual contributions than a traditional IRA.
Get Professional Advice (It’s More Affordable Than You Think!)
Financial advisors aren’t just for the wealthy. Many offer free consultations or flat-fee planning services. Some investment platforms also provide low-cost robo-advisors to guide your retirement investments.
Taking care of your future is a form of wellness, too! At Priority Wellness Campaign, we’re here to support the whole you, including your financial peace of mind. If you need help finding a reputable advisor or have questions about your next step, reach out to us. You’ll spend your career protecting others; don’t forget to protect your future, too.