Results 1 to 10 of 10
-
10-13-2018, 08:09 PM #1UnregisteredGuest
FRS vs Investment
Many people are still working that are in the investment retirement plan after more than 30 years of service which would had covered a 25 year career plus a 5 year drop. Is it cash right now over guaranteed monthly frs payments? Would anyone that had been down these paths or financial decisions change anything?
-
10-13-2018, 08:19 PM #2UnregisteredGuest
There are also a lot of FRS members who retired and are back working making half what they were making while they were here. It just depends on your personal situation and what works best for you. what's good for someone else may not fit into your plans so go talk to a professional financial advisor and make your own decision.
-
10-14-2018, 02:04 AM #3UnregisteredGuest
It's FRS Pension VS Investment
Investment, there is no DROP. If you work for 20 years, and decide you want to leave the department and work elsewhere, you take the money with you. You can roll it over into another plan so it will continue grow until you reach age 50 (when you can take money out without getting penalized). If you reached 25 years of service before or when you turn 50, then you can take out 10% of the money the first month of the year you turn 50. You can take the rest out after 3 months, and you decide on how you want it.
For the Pension Plan, it was 25 years (I believe its 28 or 30 for the newer hires for "High Risk"? Correct me if I'm wrong). Then you have the option of going into the DROP for a certain number of years, or until you reach retirement age. What people don't realize is the State is still collecting all that interest on all that money people claim they're "leaving behind" if they don't go into the DROP. While you're still stressing and putting your safety on the line for 5 more years, they're still getting rich off of the interest on your money.
Like the previous response, it all depends on your situation. Talk to a professional to explain it to you.
-
10-14-2018, 06:52 AM #4
-
10-14-2018, 12:02 PM #5UnregisteredGuest
-
10-14-2018, 11:30 PM #6UnregisteredGuest
Make other better choices.
1. 1st thing 1st, open an account with a trading house such as TD Waterhouse,fidelity whatever but, not at a reg bank. Which ever you find suitable. Roth IRA. It’s about 5k a year to invest. It’s already been taxed so it’s cash money. As far as the employee status goes Start from the date of hire putting in money to defered comp. the most incredible thing is compound interest. Play your cards right you will have a million there. It’s not rocket science or anything.
2-Try and invest 10% if your salary. A good plan is max the Roth max and whatever you have left in that 10% make it go to the differed.
3. Roth always supreme to the defered comp because, the county doesn’t pay into your contributions.
4. FRS is a better choice do to the scheduled payments and it’s absolute until what option you took before death.
You can play the investment game on the Roth and Defered comp. Dont play with the absolute. That’s a reason why the mentioned are stull working and others are not.
5. Get the high 5s as high as you can.
6. Don’t spend to much money on indulgence like cars that the devaluation is the highest among any asset. Officers wearing Tolexes, if it’s your passion then do it. I say don’t, a cop with a Rolex is more fugazee than a McDonald’s employee driving a Benz.
7. Save Sec if you are a male or get a vasectomy. Seen many late dinosaurs screwed Becuz, they screwed without protection and now they are on the way out from the drop and hold the phone, “I’m pregnant” Now you have a infant, $$$$, What were you thinking or not thinking at all.
8. Pba cancer insurance, biggest scam. You have insurance you don’t need this crap. It’s a scam. Not all officers are uneducated on finances.
9. No credit card balances, ever if you can.
10. Don’t worry about the Joneses.your area check in any neighborhood is drowning in debt, regardless of the cars parked outside. It’s a mirage, called credit, don’t do it! . Live today and make the right choices now for they will multiply to wealth so you can live and not have to work again.
-
10-15-2018, 12:06 AM #7UnregisteredGuest
Make other better choices.
1. 1st thing 1st, open an account with a trading house such as TD Waterhouse,fidelity whatever but, not at a reg bank. Which ever you find suitable. Roth IRA. It’s about 5k a year to invest. It’s already been taxed so it’s cash money. As far as the employee status goes Start from the date of hire putting in money to defered comp. the most incredible thing is compound interest. Play your cards right you will have a million there. It’s not rocket science or anything.
2-Try and invest 10% if your salary. A good plan is max the Roth max and whatever you have left in that 10% make it go to the differed.
3. Roth always supreme to the defered comp because, the county doesn’t pay into your contributions.
4. FRS is a better choice do to the scheduled payments and it’s absolute until what option you took before death.
You can play the investment game on the Roth and Defered comp. Dont play with the absolute. That’s a reason why the mentioned are stull working and others are not.
5. Get the high 5s as high as you can.
6. Don’t spend to much money on indulgence like cars that the devaluation is the highest among any asset. Officers wearing Tolexes, if it’s your passion then do it. I say don’t, a cop with a Rolex is more fugazee than a McDonald’s employee driving a Benz. We know what you do and what you make.
7. Don’t do Pba cancer insurance bs. You have insurance and don’t need this crap.
8. Stay married or if single don’t have a child when you are on your way out. How many times I seen this I don’t remember. 50 plus in thedrop and now you are expecting a child. Wear a condominium or get a vasectomy.
The reason the investment people are still working is becuase, it didn’t work out as a good FRS plan and smart choices.
Live today and make the right decisions like few do so you can live in retirement like few do. Good choices will keep you away from working more in the police hate era we are in.
Good luck. Do your research, not word of mouth.
-
10-15-2018, 03:16 AM #8UnregisteredGuest
Do not take the investment plan
Wait till you have to withdraw from a down market. You'll be burning your house to keep warm. Those in the investment plan try to push this because misery loves company. The drop is the biggest gift you will ever get. Do this at your own peril. You will regret it.
-
10-15-2018, 10:41 AM #9
-
10-16-2018, 01:49 AM #10
Bookmarks