Jumpline magazine Q1 2023 - Flipbook - Page 37
Financial Alternatives
Mark Buckely, Ret.
Starting with your
457 Plan….
This is one of many articles I wanted to offer to help guide you in your
financial choices and raise awareness during your long career in the
fire service for Miami-Dade County. When I started my fire service career in MDFR eighteen years ago, I had noticed there were many who were
lacking financial knowledge with respect to their choices
when it comes to FRS and 457 platforms. It’s my goal to
be a resource to you all and help with any questions you
may have.
There are several things to consider when starting to invest.
First consider your deferred compensation options such as
your 457 Plan. Miami-Dade County offers two such company choices: Nationwide and Mission Retirement. When
you initially get hired on the department, you’re likely at
the bottom of the pay scale so maybe you have to start
small and build up over a period of time. I would suggest
something you are comfortable with, even as little as $50
per pay period. Secondly, there are two separate ways to
invest with your 457 plan, pre and post-tax contributions.
Fortunately, as first responders, we are given extra ways
to save and invest our money over time that the general
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public isn’t allowed to do. In subsequent Jumpline articles
I will explain these advantages to you. But for now, you
have the ability to contribute to pre- and post-tax (Roth)
platforms. The percentages you contribute depend on your
financial situation and we can discuss this on a personal
basis if you’d like. Thirdly, you are asked to choose the
investments within the 457 Plan. What should be important
for you is to evenly diversify the types of investments offered depending on your age and timeframe in the department. Another factor to consider is choosing investments
with the lowest fees. Such investments include mostly
“indexed” mutual funds as opposed to more specialized
funds. I’ve seen some investment accounts with hundreds
of dollars in added fees every quarter, which I feel is avoidable with the right investment choices. Of course, you can
elect to have the company choose the investments in their
fee-based “pro” plan or have a professional financial advisor assist you with these choices.
The bottom line is that no matter what, you as an MDFR
firefighter should be contributing something from your paycheck every pay period. In time, you will win the game and
add to your retirement bucket when you get ready to retire.
If you ever have any questions or concerns about your
FRS or 457 Plans, please reach out to me at Prudential
Advisors. Call 305-608-2690. I’m happy to help!
Stay Safe!
RETIREMENT PLANNING: BECAUSE YOU CAN’T BE
A MIAMI-DADE COUNTY FIREFIGHTER FOREVER.
A Prudential Advisors Financial Professional can assess your situation, develop a strategy, and help you build
a secure future. To learn more, call me today.
MARK BUCKLEY
Financial Professional, Prudential Advisors
GREATER FLORIDA FINANCIAL GROUP
The Prudential Insurance Company of America
5355 Town Center Road
Suite 704
Boca Raton, FL 33486-1068
Phone 305-608-2690
Fax 877-840-0082
mark.buckley@prudential.com
PLAN
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Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries.
Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ and its affiliates. Securities products and services are offered through Pruco Securities, LLC
(Pruco)(Member SIPC). Each is a Prudential Financial company located in Newark, NJ and is solely responsible for its own financial condition and contractual obligations.
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Photo by Lieutenant Scott Mullin
February 2023 | JUMPLINE Magazine
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