An illustrative estimate. Not affiliated with the City of New York or the NYC Fire Department Pension Fund.
In development. Numbers are illustrative estimates we are still refining.
$
What this year of work is worth
$153/mo
in future monthly pension, earned for every year you keep working. Paid every month of your retirement.
1.67% of your final salary, for every year past 20. That is $1,837 added to your annual pension forever. Over 15 more years until you retire, that compounds to about $27,555/year of additional annual pension.
$55,000
estimated annual pension at retirement (illustrative)
50%
of final salary
$4,583
per month
$55,000
yearly gap to fill
Legacy tiers (1 and 2): about half of final salary at 20 years, plus roughly 1.67% for each year beyond 20.
Your pension replaces about 50% of your salary. The remaining $55,000 a year is what your 457(b), a DROP, and your savings are for.
Survivor option: what your spouse keeps
At retirement you make a one-time, irreversible choice: a bigger check for you, or a smaller check that keeps paying your spouse after you die. Here is that tradeoff on your numbers.
V1 uses standard rule-of-thumb reductions; your exact reduction comes from the NYC Fire Department Pension Fund actuarial tables. Most married firefighters default to Joint & Survivor 50%. This is illustrative, not a benefit determination.
Make it yours
Tell us about your household so the plan reflects your real life.
Kids
Home
Big thing in the next 5 years
Illustrative only. This is not a benefit determination. FDNY firefighters take a service retirement at 20 years under Tier 1/2 (legacy) or 22 years under Tier 3 Enhanced and Tier 6 (uniformed). All three tiers cap pension near 50% of final average salary. Tier 1/2 accrues approximately 2.5% per year (50% at 20 years); Tier 3 Enhanced and Tier 6 accrue approximately 2.27% per year (50% at 22 years), reduced by about half of your Social Security benefit at age 62. Final average salary rules, overtime caps, and your exact figures come only from the NYC Fire Department Pension Fund. Confirm with your pension section before any decision. MoneyBadger is an educational tool, not financial advice.
Your pension is the floor. The rest is on you.
A 20-year pension replaces about half of your salary. Closing the other half is what your 457(b), a DROP if you take one, and your savings are for. Pension is your retirement floor; your own saving is the surge that fills the gap.
Two things at once: MoneyBadger finds your spend leakage (forgotten subscriptions, duplicates, fees), and you customize your full budget line by line. In development.