Firefighters Face Unique Challenges with Deferred Comp

Saving in your deferred compensation plan sounds like a great idea … until you get to the tax bill when it’s time to make your withdrawals. Considering that your pension is federally taxable as well, you may have some planning to do.

Four firefighters chat in front of a fire truck.
(Image credit: Getty Images)

If you’re a firefighter who’s saving for retirement via your deferred compensation (457) plan, you’ve probably told your non-firefighter friends who have 401(k)s that your deferred comp is pretty similar.

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Scott Tucker, Investment Adviser Representative
President, Scott Tucker Solutions

Scott Tucker is president and founder of Scott Tucker Solutions, Inc.  He has been helping Chicago-area families with their finances since 2010. A U.S. Navy veteran, Scott served five years on active duty as a cryptologist and was selected for duty at the White House based on his service record. He holds life, health, property and casualty insurance licenses in Illinois, has passed the Series 65 securities exam in 2015 and is an Investment Adviser Representative.