Firefighter Financial Advisor
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If you ask the average firefighter what their greatest expense is, they would say it's their mortgage or their children's tuition - but both are likely wrong.
Taxes are the #1 expense for most firefighters, especially retirees who have done a good job saving.
This problem gets worse when Required Minimum Distributions (RMDs) begin in their 70’s.
RMDs are when Uncle Sam says, “You’ve been deferring taxes long enough, it’s time to take distributions from your retirement accounts whether you need the money or not.” Withdrawals on tax deferred retirement accounts = more taxable income.
This problem compounds further when the first spouse passes away and the surviving spouse must file their taxes as Single, instead of Married Filing Jointly.
This is known as the “widow’s tax.” The standard deduction gets cut in half and the remaining spouse’s tax rate effectively doubles.
This can take a serious bite out of the assets the firefighter and his or her spouse worked hard for and any legacy planning they aspired to do.
That’s why I love the analogy of building out “levers to pull” in a retirement plan.
01/24/2026
INDY FIREFIGHTERS – PEHP HEADS UP
The City made your Post Employment Health Plan (PEHP) contribution yesterday.
If you’ve never logged in and chosen investments, your PEHP dollars automatically go into the Fixed Account:
- Short-term option
- Current annual effective interest yield of 2% (rate is declared by Nationwide and can change)
⚠️ This can make sense if you’re retired or about to use the money for medical expenses or insurance premiums (though there are a couple other strategies you may want to take advantage of)
❌ It may not be appropriate if you’re still working and have time to let those funds be invested.
If you’re not sure what you’re invested in or whether it matches your timeline, now’s a good time to check.
Login to nrsforu.com or the MyRetirement app and look for this:
10/25/2025
Do you have a financial advisor who helps you think through everything you have access to during open enrollment?
Every fall, most firefighters get a 50-page packet and a short window of time to make decisions that impact our families for the next year — health insurance, disability coverage, life insurance, retirement contributions, and more.
Many of us just pick what we had last year and move on. But open enrollment is one of the few times you can make changes that actually move the needle for your financial future.
A good financial advisor helps you look at everything your department offers — from insurance and deferred comp to HSAs and union benefits — and make sure it all works together.
Here’s something many people don’t realize: financial planning can be offered as an employer-sponsored benefit.
If your department isn’t providing that kind of support yet, it might be worth asking why not.
👉 If you’d like to see how I help firefighters make the most of open enrollment, send me a message at firefighterfinancialadvisor.com
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10201 N Illinois Street, Suite 325, Carmel, IN 46290
Indianapolis, IN
46240
