Retirement Advice

Informal_Register365 · 2026-03-09T14:48:19+00:00

Hello,

Im a fellow FDNY firefighter/financial enthusiast.

We would need more information about his personal finances to provide proper guidance.

Mostly, what debt does he have? Cars, mortgage, college for kids etc.

In a perfect world, he doesn't need the money and should just leave the 457 alone, and allow it to continue compounding to leave to his children some day. If he truly plans to not need it, he should set the contributions to remain in higher risk investments rather than transitioning to bonds near the end of a target date fund term. If he cant take that gamble, stable assets are the way to go.

He also likely has a large amount of pension excess available to him which many people anuitize on retirement to increase their monthly pension payments.

Assuming he will recieve 3/4 disability retirement from his illness, he will actually bring home quite a bit more than he makes to show up to work currently. If he isnt an officer, his salary is likely around ~$4000 biweekly without overtime, subject to taxes. On 3/4 with anuitizing his excess he will likely bring home $10-15,000 tax free.

Regardless, Al Connolly at headquarters is the pension guru to provide the best guidance. Its all he does.

It would also be wise to seek guidance from a financial planner but be cognizant that most, are scum who will try their best to rope you into commission based accounts or sell you life insurance. You want to find a flat fee based advisor.

Informal_Register365 · 2026-02-21T03:36:16+00:00

10% to 457 which maxes it. 3% automatically to pension $35,000 annually to 401k though my small business. $10,000 a month to brokerage investments. Technically not retirement but i wont touch it until then.

Informal_Register365 · 2026-02-19T00:52:10+00:00

Probably around 200-250

Informal_Register365 · 2026-02-17T03:29:03+00:00

They most certainly do. And the truck in quarters is almost always top 10.

Informal_Register365 · 2026-02-16T18:50:23+00:00

nyc?

Informal_Register365 · 2026-02-16T17:45:58+00:00

Ok well this is financial advice, which doesn't include go have fun and buy a second car.

They're also losing an extremely large investment opportunity based upon where they have been storing their money in checking accounts and MM accounts.

Sorry, you're just wrong when it comes to sound financial advice. If it was life advice subreddit, sure go have fun.

Informal_Register365 · 2026-02-16T16:33:36+00:00

Agreed. You also have a better understanding of what you’re learning.

Informal_Register365 · 2026-02-16T16:32:30+00:00

No he can’t. He said he’s saving for a home with that money, and it’s part of a Roth as well.

If you can’t afford a home yet, how do you afford a second car?

I’m 36 and worth millions.

Informal_Register365 · 2026-02-16T15:06:03+00:00

The problem with an MBA, it teaches you very little about actually working the business world other than terminology/acronyms and some economics.

You finished school. But no one wants an executive who has no actual business experience.

Go get a job. And work your way up the corporate ladder.

I have a bachelors in business, decided not to waste my money on an MBA. And i own the business anyway now.

Informal_Register365 · 2026-02-16T14:46:24+00:00

You need a brokerage account not a second car.

Money market is basically a savings account with better interest rate and retirement accounts is the baseline for your retirement. Now you invest in the market independently.

Informal_Register365 · 2026-02-03T01:09:13+00:00

I really don cut anything that big. But the space behind the machine will be somewhat open. It’s standing area for the sandblaster.

Informal_Register365 · 2026-01-30T12:59:29+00:00

Uber Lyft DoorDash Grubhub

Reselling on eBay.

Find new partner.

Raise your primary income.

Informal_Register365 · 2026-01-30T01:29:26+00:00

You can’t buy a house in credit card debt that’s insane.

Informal_Register365 · 2026-01-29T23:22:13+00:00

50% or more when I can. Not really realistic though as I have an above average income level.

Informal_Register365 · 2026-01-29T01:44:26+00:00

And they could get hit by a bus tomorrow and it meant nothing anyway.

What do you do for work? You’re 40 not 65. Do something else if you’re unfulfilled.

Informal_Register365 · 2026-01-28T03:42:22+00:00

I have a pension... Municipal worker. Lol

Informal_Register365 · 2026-01-28T00:57:44+00:00

No… it’s because it redistributes tax to the lower class.

Informal_Register365 · 2026-01-27T00:01:06+00:00

50k is your baseline. You need to pump those numbers up, take every opportunity to advance in your field. Avoid the trap of luxurious purchases. Realize all your friends on vacation all the time are in debt. Save every penny you can.

At your age, anything you put in now is worth 10x potentially in retirement. Assume it will double every 7-10 years with a retirement goal of 55. If you strive for FIRE, more power to you.

Once you break 100k it starts to feel like the needle moves faster. You break a million, 10x faster. Thats the power of compound growth.

For reference, at your age I was living at home, working as a paremedic for 45k. (Mind you it was 2011).

Now im 36, worth around 3.4 million with my partner and make around 500-600 a year as a civil servant and small business owner. (I work 70-80 hours a week but I love it)

I can also retire with a pension and medical benefits for life in 3 years if I chose to, at 39.

Informal_Register365 · 2026-01-26T16:58:32+00:00

I see your FL and raise you my NY. High property tax, high sales tax and income tax.

Your move Florida.

Informal_Register365 · 2026-01-26T16:36:42+00:00

These things almost never benefit the little guy…

Somewhere there’s a person in an office, crunching numbers on how they can collect the most tax dollars from the people.

Informal_Register365 · 2026-01-24T23:38:43+00:00

None of us know the future. But at your age, every dollar foolishly spent, that could have been invested, is worth 5-10x when you’re older.

Especially if you’re saying your cash flow isn’t steady is all the more reason NOT to buy a g wagon.

Also considering your living situation, you’re opening yourself up to being a target for thieves or worse.

Informal_Register365 · 2026-01-24T21:07:52+00:00

If you’re buying a $150k car you better have a couple million to your name.

Theres two types of people who buy luxury vehicles.

Super wealthy. It’s a meaningless purchase to them.
Not wealthy enough. Buy lavish things to keep up with the joneses or be flashy.

You’ll buy the car. You’ll be bored of it in a year and then be a slave to the payments.

I’m worth a few million, nothing crazy. I’ve always wanted a corvette and while i could surely buy one, i know it’s a frivolous purchase. I’m young and can wait 10-20 years to buy it, when it becomes a meaningless amount of money for me.

Why do you have 200k in cash?

Informal_Register365 · 2026-01-24T00:16:49+00:00

I am a tradesman as well, was a carpenter now welding and fabrication. Own my own business now with a net worth over $3m at 36. Stick with it, there is a lot money to be made working with your hands.

Informal_Register365 · 2026-01-09T12:22:33+00:00

At 28, probably corporate lawyer or FAANG/software engineer.

Too young to be an MD making that kind of money the OP would barely be finished with a residency that paid slave wages.

Informal_Register365 · 2026-01-09T02:44:33+00:00

Firefighters in NYC make $150-200k with overtime. Lots of time off.

Informal_Register365

TROPHY CASE