While we know that every first responder's life is unique, every department or agency is also unique. With this said, there are many similarities when it comes to the profession as a whole. The most common similarities are related to the financial benefits and risks related to the law enforcement and firefighter professions.

In almost every state in the USA, police and fire have the same pension program or benefits. The reason for police and fire having different pension benefits than civilian employees who work for the city, county, or state is directly related to the physical and mental toll that the professions take on the person.

Over the past 30 years of my experience serving my nation, community, and humankind I have learned more than I have shared. Being a good student of life allows us to see specific items and trends. Identifying trends or forthcoming occurrences provides us with the ability to prepare or plan for them. Proper planning and preparation give us the ability to handle or resolve these items prior to their occurrence or minimize their impact on our lives when they do occur.

While this is a very true statement, there are many other guarantees in life. Knowing the potential pitfalls, opportunities, or exposures that you have in your career and properly preparing for them will give you and your family confidence and strength for your journey in your career and life.

Unfortunately, I had an event and experience in my career as a police officer that changed my life forever. As a result, my family suffered significant financial loss and I suffered a physical change and limitations that still affect me today. Instead of focussing on the negative and becoming permanently angry and bitter, I felt it was best to help others who may find themselves in a similar situation and to educate them on how to prepare and plan for it.

I have analyzed the careers of first responders and identified three specific phases and the main financial exposures and vulnerabilities along with courses of action that can be taken to plan and prepare for them.

PHASE 1

Lasts from Day-1 until Vested in Public Employee Retirement System (PERS). This is typically 5 years, but can differ depending on government entity or institution.

The period of time from when an officer or firefighter starts their first shift until they are fully vested is the most financially vulnerable time in their career. This is the time when an incident or illness on or off duty can have lasting or devastating effects. The reasons for this are obvious. The income being earned is consistent, but it has not yet reached the amount to live a comfortable life, especially if the income has to support a family. There is not enough sick time accumulated to provide income for an extended period of time if illness or injury occurs to the individual or family member. Expenses for items like insurance, investing in a private retirement account, mortgage payments, car payments, and many other needed items are numerous. Any loss or reduction in income can be extremely detrimental to an officer or firefighter's financial well-being, even if they have not yet started a family.

PHASE 2

Starts once vesting into the Public Employee Retirement System is secured. Vesting traditionally occurs after 5 years of accumulated service, but can vary depending on government institution and contract. This phase transitions into phase 3 around 12-15 years of service.

The second phase of an officer's or firefighter's career is a time when stability and direction are established. In addition, it is typically a time when personal lives develop and long-term planning begins. The exposures to financial risk are minimized because of the vesting into the PERS system and the accumulation of vacation and sick time has grown to a useful amount in the event of illness or injury. Being no longer on probation provides job security. The added ability to work overtime or work a part-time business also allows for additional income which can be utilized for various items. In many cases, an officer or firefighter can utilize the extra income they earn from their increased wages or extra work to build a very secure supplemental retirement on top of their pension. Put your money to work and protect what you have already built.

PHASE 3

This is the final stage of an officer's or firefighter's career. It begins approximately 15 years into a career or with 10 years or less until retirement.

This is the most critical point in life to implement a long-term strategy. There are so many uncontrollable variables that can affect one's life. Unfortunately, it is normal for our bodies to start to develop health complications at this phase. It is normal for many conditions to progress in life. Due to this fact it is imperative to take action before anything occurs or develops that could eliminate you from options that you will want or need into retirement. Taking care of your physical and mental health is more important now than ever. You have worked and earned a secure retirement, do not allow poor planning to take that away or influence it in a negative way, because you did not plan when you had the opportunity to do so.

It's crucial to understand the different phases of this three-stage process, which is why our cause is so important and why we are so dedicated in assisting first responders.