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Firefighter Pensions Under Attack

pensionA familiar theme was sounded in San Diego at the recent 50th Convention of the International Association of Fire Fighters – pensions under attack. When keeping your nose to the grindstone and cranking out one life-saving shift after another, it’s sometimes hard to keep focus on the fact that city and county budgets are swinging a broad ax to cut costs, and the ax is likely to come near your pension if it hasn’t already. Don’t think that these pension assaults are isolated incidents. The pressure to trim is everywhere. The following quotes come from convention attendees in response to the question, “Is your pension under attack?”

“They tried to but the bill got killed this year. We’re with the county and the city, and the state pensions got cut. We went on a furlough this year. The word is that because the state is getting cut this year it’s definitely coming up again next year.”

Darren Shimaoka (Hawaii)

“Yes – the city is trying to reduce their pension contributions. All indications are that the city is going to go to the state legislature to go after our pensions. We believe the city is taking advantage of the economic situation to try to dismantle the pensions we built over thirty years.”

– Jeffrey Caynon (Texas)

“I think our pension is pretty secure right now. The reason I think it’s secure is because of the good relationship we have with the state.”

– Frank Mendez (Arizona)

Convention attendee, Cassie McCorrie, spoke the sentiments of many when she said, “…affiliates are all struggling with the same issues. People are coming after our pensions and it’s happening all over the country.” We can’t imagine that most firefighters are feeling too secure about their futures with talk like this springing up everywhere. The decision boils down to this – cross your fingers and pray that the budget ax strikes elsewhere or be proactive about the situation and create a passive income stream that makes your pension irrelevant.

At Heroic Investing, we’ve seen people on average salaries learn to command a real estate empire that makes work a choice rather than necessity, and that’s a nice place to inhabit. Alternatively, you can exhale a sigh of relief with every passing year your pension survives another round of budgetary talks. Stop living in fear. The Heroic Investing podcast will show you how to invest like your last name is Trump and the information is always free.

The Heroic Investing Team

The Heroic Investing Show

Flickr / azrainman

 

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