POLICE Magazine

AUG 2018

Magazine for police and law enforcement

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PoliceMag.com 53 You'd be smart to explore options to save additional money out of your paycheck, pre-tax. Or in some cases, you may choose to save money after-tax in a Roth account, which allows you to earn tax-free gains and take withdrawals in retirement, tax-free. Does your employer offer a 457 plan? Check with Human Resources or who- ever handles employee benefits. Many employers offer a match on your contribu- tions to your 457. If your employer doesn't offer addition- al retirement savings plans, you can start either a traditional or a Roth IRA. Or if you have a side business, you may qualify for a Simplified Employee Pension (SEP) IRA. Your financial advisor and your tax pro- fessional can help you determine which type of investment account makes the most sense for your situation. If you don't like market risk and would rather accumulate wealth with "safe" as- sets, it might make sense to research life insurance and annuities. e rates of re- turn you'll find in those vehicles will beat CDs and bonds, plus they come with con- tractual guarantees. For more informa- tion, see "Life Insurance as a Savings Ve- hicle" (POLICE, July 2017). As I mentioned in my article "Stop Living Check-to-Check" (POLICE, June 2017), it might be time to knock out some long-standing debts to recover income. Or if you don't have one already, it might be time to start a business. If you're not the entrepreneurial type, you might explore jobs that you would enjoy in retirement to supplement your income. is problem of underfunded public pensions has grown dramatically in recent years and bears important implications for the security of public retirement systems. When it comes to your own financial fu- ture, don't just watch things play out from the sidelines—get in the game. Did you get value from this? Do you have questions? You can email me: adam@cop- finance.com and I will personally respond. It's my mission to help my law enforcement family master their money and enjoy life more. A 15-year veteran of law enforcement from the Kansas City area, Adam Doran is now a full-time financial advisor. - Underwater Positioning and Sonar Imaging - Sight in Zero Visibility - Sonar Coverage Mapping - HD Video and Images for Documentation. - Communication and - Communication and Diver Tracking Available. Other Products Include: Video Systems, Side Scan Sonar, Diver Delivery Systems, Remotely Operated Vehicles, and More. Underwater Search and Recovery Systems Since 1984 www.sharkmarine.com sales@sharkmarine.com Ph: (905) 687 6672 DIVE TABLET 2 SET A COURSE… INTRODUCING MOMENTUM BY MOMENTUM. GAIN ATHLETIC, STREAMLINED STYLING DESIGNED FOR DYNAMIC MOVEMENT RIDGEFOOTWEAR.COM

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