Editor鈥檚 Note: The standard for excellence in public safety is changing. Lexipol is your partner in understanding how your agency measures up and setting a course to achieve performance excellence. today to learn about our holistic approach built on Gordon Graham鈥檚 5 Pillars of Organizational Success.
Gordon Graham here with Today鈥檚 Tip from Lexipol. Today鈥檚 Tip is for all my friends in public safety, and it has to do with planning for the future.
Back in the 80s, Huey Lewis and the News had a song with a chorus that went, 鈥淚鈥檓 takin鈥� what they鈥檙e givin鈥� 鈥榗ause I鈥檓 workin for a livin鈥�.鈥� Not that long ago, public safety personnel could count on a guaranteed pension 鈥� with health care included 鈥� when they retired. In those days, you could literally take what they were givin鈥� and live comfortably in retirement.
Today, many employers have reduced or even eliminated pensions in favor of 401(k)s or other plans without a guaranteed payout. This means it鈥檚 up to you, the employee, to for income in retirement.
Experts will tell you the key to a is to begin saving early. This is especially true with defined contribution retirement plans. Many employers will match your contribution up to a certain percentage. If you only put in the minimum to get the employer鈥檚 match, you鈥檒l probably come up short of what you鈥檒l need for a comfortable retirement.
While it might seem like retirement is centuries away, it鈥檒l be here before you know it. So what can you do? First off, contribute at least the minimum amount to get your employer鈥檚 full match 鈥� and preferably more. If your agency offers health savings accounts, contribute to one of those, too. This will get you on the way to funding health care and living expenses in your later years.
Once you鈥檝e started, keep the momentum going. Each time you get a raise, add half of it to your contribution. If you have a 457 plan available, consider contributing funds there, too. You can also open an Individual Retirement Account, or IRA.
At the end of the day, it鈥檚 your retirement. Don鈥檛 just take what they鈥檙e givin鈥� or you might find yourself workin鈥� for a livin鈥� long after you planned.
And that鈥檚 Today鈥檚 Tip from Lexipol. Gordon Graham, signing off.
