PENSION BENEFITS REPORT
Do you need a financial planner?
As we enter a new year, I would like to take
this time to remind all of our members to take
a moment and, if you’re nearing that magical
date of 25 years in our pension system, look at
your financial picture. Please update and edit
your beneficiaries to reflect the people in your
life that you want to have access to your money,
should you pass away.
PETER
Secondly, I would like to take this opportu-
ANDREYEV
nity to inform you all about the importance of
getting a financial planner. For some of us, we
wouldn’t know what a financial planner does. When I first
started looking into it as a new officer, I had no idea what a fi-
nancial planner is or what he or she does. Thankfully, through
some friends and coworkers, I was able to get an understand-
ing of what these professionals do.
I’m often asked, “Why should I get a financial planner?”
The first step is to determine whether it’s worth it for you. If
you’re like I was, and not aware of how your money can work
for you, it may be worth it. Make sure you research what a
financial planner is. For example, a financial advisor can be a
stock broker, investment banker or even an accountant.
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NEW JERSEY COPS
■ JANUARY 2019
Finding the right person
While you may need an advisor later down the road, you
want to make sure you have the right person doing the plan-
ning for you and your family. You may want to look for some-
one with specific qualifications — such as a certified financial
planner, who is required to pass exams that pertain to finan-
cial planning. An experienced financial planner should have
the skills and savvy to make the most of your hard-earned
money and ease your anxiety when it comes to your financial
outlook. They will take the time to ensure that your financial
picture is covered. They will advise you to plan for college for
your children, your family’s future and your retirement.
There are plenty of financial planners that advertise in our
magazine. These companies have outstanding reputations in
their fields and have knowledgably assisted our members. For
some members, our pensions may not be enough to pay your
bills into retirement or cover your retirement expenses. Take
a few minutes to call a financial planner and get yourself into
a position of financial stability for your future.
As always, please call or email me if you have any questions
regarding this topic.