05 Apr

Been There. Done That. Retirement Advice from a Fellow Cop.

Retirement Planning Advice for PoliceTerry Lucas served with the Illinois State Police for 28 years rising through progressively higher ranks mostly in the investigative field. Terry then served as the Law Enforcement Coordinator for the US Attorney’s office in the Central District of Illinois for 15 years. While with DOJ he served in Iraq assisting in the prosecution of Sadaam Hussein.

He has a few nuggets of advice for fellow cops.

On retirement planning: “You have to think outside of your pension.” Terry, father to five daughters, speaks from experience, “Don’t overlook something that is staring you in the face. Contribute to some kind of deferred compensation plan. Why not have that amount taken out before taxes and put into an account? It will hurt a lot less now than it will when you’re 55 and looking at starting over in another job.”

Asked for advice to cops nearing retirement age, he says, “Think very carefully about taking a large chunk of time off right after you sign those retirement papers to travel and just relax. Chances are you’re young enough that you’ll need to keep working, and the best time to get a job is when you already have one.” Read More

21 Mar

Getting Your Finances Ready for 2015 Part III: When Things Go Awry

doctors-xray-financial-challengesYou never know when disaster will strike. My mother was driving when she had a heart attack. Curveballs, or for the positive set, “challenges” do not announce their arrival with a polite knock.

A wise person once said, “Hope for the best, prepare for the worst.”

The worst may include:

  • Car accident
  • Medical diagnosis
  • Serious Injury
  • Job Loss
  • Fires and or Floods
  • Bankruptcy

Here are seven ways to GET PREPARED FINANCIALLY: Read More