At RMR Wealth Builders, we suggest starting the retirement planning process early. Gone are the days when NYPD officers relied on pensions alone. The proper steps must be taken as early as possible to maximize the benefits.
The NYPD retirement is based on a tier system. Each tier has different benefits available. Most officers decide how much to contribute to their retirement plans based on affordability. A general rule for retirement planning is to save a little more than you think you can. By simply increasing your contributions now, your retirement outcome could change significantly. Start your financial planning process early, focus on the long term and feed your retirement plan. Make incremental changes as you progress further into your career and get raises.
Here at RMR Wealth Builders, we provide individualized financial education to members of law enforcement to help them make the right decisions. I'm Matt Levin's director of wealth management for RMR Wealth Builders. Contact us today to learn how we can help you, (646) 493-7035!