Take Home Car
Medical, Hospitalization and Dental
Vacation Leave Accrual
Sick Leave Accural
Here's the good news -- police officers are receiving
better pay and benefits than ever before. More
good news -- there aren't too many other
professions with better starting salaries.
There really isn't any bad news, but that doesn't
mean you shouldn't look closely at everything a
police department has to offer you. If you're in that
early twenty something group, you're not worrying
about things like medical coverage, longevity pay,
and retirement -- I know I didn't.
"If you're in that early twenty something
group, you're not worrying about things like
medical coverage, longevity pay, and
retirement -- I know I didn't."
~ Barry M. Baker
It's really pretty difficult to look twenty years ahead,
but it will pass a lot quicker than you think. Most
police departments now offer retirement at twenty
years at 50% of your pay. That in itself is good.
Look around and see how many people you know
who can retire after twenty years with a similar
pension...you won't find many. Furthermore,
private industry is getting out of the pension
business in favor of the 401k's. You now have the
opportunity to supplement your pension with a
number of different deferred compensation plans.
As good as the retirement sounds, you won't likely
be ready to retire at twenty years. Half of anything
just isn't as good as the whole thing; unless, you
plan ahead. If, during your career, you start
thinking about a second career, the twenty year
retirement will be perfect. You may hear police say,
"You'll never get rich being a cop." Well, it depends
on what you mean by rich. The availability of
deferred compensation makes it possible for you to
do some serious financial planning for your future.
Here's a list of things you should consider:
|Compare Salaries and
Benefits from some of the
nation's largest police
|Copyright © 2018 Barry M. Baker