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Empowering Women at Los Angeles Fire and Police Pensions: 4 Essential Retirement Strategies to Consider

Preparing for retirement at Los Angeles Fire and Police Pensions can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Los Angeles Fire and Police Pensions employees ahead of the curve.

Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
Be proactive about your retirement after Los Angeles Fire and Police Pensions. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Los Angeles Fire and Police Pensions retirement accounts stand today? Being proactive with your Los Angeles Fire and Police Pensions retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.

Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

Transamerica.com, 2021

GAO.gov, 2021

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What is the purpose of the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions?

The purpose of the 401k/Savings Plan offered by Los Angeles Fire and Police Pensions is to help employees save for retirement by allowing them to contribute a portion of their salary to a tax-advantaged account.

How can employees of Los Angeles Fire and Police Pensions enroll in the 401k/Savings Plan?

Employees of Los Angeles Fire and Police Pensions can enroll in the 401k/Savings Plan by completing the enrollment form available on the company's intranet or by contacting the HR department for assistance.

What types of contributions can employees make to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?

Employees at Los Angeles Fire and Police Pensions can make pre-tax contributions, Roth (after-tax) contributions, and possibly employer matching contributions, depending on the plan specifics.

Is there a minimum contribution amount required for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?

Yes, Los Angeles Fire and Police Pensions may have a minimum contribution amount, typically around 1% of the employee's salary, but employees should check the plan documents for specific details.

What is the maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions?

The maximum contribution limit for the 401k/Savings Plan at Los Angeles Fire and Police Pensions is subject to IRS regulations, which can change annually. Employees should refer to the latest IRS guidelines for the current limits.

Does Los Angeles Fire and Police Pensions offer employer matching contributions for the 401k/Savings Plan?

Yes, Los Angeles Fire and Police Pensions offers employer matching contributions to the 401k/Savings Plan, which can help employees increase their retirement savings.

How often can employees change their contribution amounts to the 401k/Savings Plan at Los Angeles Fire and Police Pensions?

Employees at Los Angeles Fire and Police Pensions can typically change their contribution amounts at any time, but they should check the plan rules for any specific restrictions.

What investment options are available within the 401k/Savings Plan at Los Angeles Fire and Police Pensions?

The 401k/Savings Plan at Los Angeles Fire and Police Pensions offers a variety of investment options, including mutual funds, target-date funds, and possibly other investment vehicles, depending on the plan.

Can employees take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions?

Yes, employees may be able to take loans against their 401k/Savings Plan balance at Los Angeles Fire and Police Pensions, subject to the terms and conditions of the plan.

What happens to the 401k/Savings Plan when an employee leaves Los Angeles Fire and Police Pensions?

When an employee leaves Los Angeles Fire and Police Pensions, they have several options for their 401k/Savings Plan, including rolling it over to an IRA or another qualified plan, cashing it out, or leaving it in the plan if permitted.