FINANCE
YOUR FINANCIAL FUTURE
A 401 ( K ) GUIDE
FOR FIRST RESPONDERS
By Tony Dong , MSc
SECURING YOUR FINANCIAL FUTURE STARTS NOW . AND IT ALL STARTS WITH UNDERSTANDING YOUR 401 ( K ).
Many firefighters have a public employee retirement pension plan — but not all . Some career firefighters won ’ t have it as part of their contract . And volunteer and part-time firefighters may get something from their jurisdiction , but will most likely rely on their primary employment for retirement savings .
In most cases , those without pensions will have an optional 401 ( k ). Certainly mostly everyone has heard of a 401 ( k ) but how many of us really know all the ins and outs ? And how many realize just how important it is when everything else is flying at us all at once ?
Imagine this : It ' s your first week on the job as a firefighter . You ' re inundated with training manuals , equipment briefings and team introductions . Amid this whirlwind of new information and high-stress situations , you receive an email from your plan administrator .
Attached to it is a dense PDF ( or , even more daunting , a hefty binder may be dropped in your lap ) bursting with details about your 401 ( k ) plan options . With the pressure of learning new protocols and the adrenaline of emergency response scenarios , it ' s all too easy to set aside that 401 ( k ) guide for later .
But here ' s the catch : " later " could cost you dearly in terms of your future financial security . A 401 ( k ) isn ' t just another form to fill out or another task to check off your to-do list . It ' s a critical tool that can provide you with financial stability long after you ' ve answered your last emergency call .
This is particularly important for first responders who face a set of unique challenges and financial landscapes . From higher rates of on-the-job injuries to erratic schedules that make second jobs or “ side hustles ” less feasible , the variables that can impact your financial health are numerous .
Maybe you can join a 401 ( k ) on your side hustle , or maybe firefighting is your side hustle . So , before you decide to skim through or skip over your 401 ( k ) information , remember : securing your financial future starts now . And it all starts with understanding your 401 ( k ).
60 | CRACKYL MAGAZINE