{"id":5379,"date":"2018-02-11T16:58:38","date_gmt":"2018-02-11T16:58:38","guid":{"rendered":"https:\/\/mmfss.ca\/?p=5379"},"modified":"2018-02-11T17:05:44","modified_gmt":"2018-02-11T17:05:44","slug":"firefighter-29-earning-90000-worries-health-pension","status":"publish","type":"post","link":"https:\/\/safetysourcefire.ca\/fr\/firefighter-29-earning-90000-worries-health-pension\/","title":{"rendered":"Un pompier de 29 ans gagnant $90 000 s&#039;inqui\u00e8te de la sant\u00e9 de sa pension"},"content":{"rendered":"<div class=\"l-row\">\n<section id=\"main-content-area\" class=\"main-content--story l-col-1 l-col-sm-8 l-col-md-8 l-col-lg-8 l-offset-lg-2\">\n<div class=\"l-row\">\n<div class=\"pb-container\">\n<article class=\"c-article c-article--news\">\n<div id=\"f0LG5PcsCzDaJq\" class=\"u-wrapper pb-feature pb-layout-item pb-f-article-photo\">\n<div class=\"o-primary-header__media\">\n<figure class=\"c-article-media c-article-media--lead\">\n<div class=\"c-article-media__image c-article-media__image--article u-bleed\">\n<div class=\"c-image-container c-image-container--lazy\">\n<div class=\"c-image-container--lazy__wrapper\"><a id=\"c-image-0\" class=\"js-modal-dialog-trigger\" href=\"https:\/\/www.theglobeandmail.com\/resizer\/4EO5-xhkuT14_ezC-OmvdgZS4fg=\/480x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg\" aria-controls=\"js-modal-dialog-gallery\" aria-expanded=\"false\"><img decoding=\"async\" class=\"c-image js-lazyimage--autosizes js-lazyimage--loaded\" src=\"https:\/\/www.theglobeandmail.com\/resizer\/4EO5-xhkuT14_ezC-OmvdgZS4fg=\/480x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg\" sizes=\"620px\" srcset=\"https:\/\/www.theglobeandmail.com\/resizer\/4EO5-xhkuT14_ezC-OmvdgZS4fg=\/480x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg 480w, 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data-srcset=\"https:\/\/www.theglobeandmail.com\/resizer\/4EO5-xhkuT14_ezC-OmvdgZS4fg=\/480x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg 480w, https:\/\/www.theglobeandmail.com\/resizer\/SaZIuUge0db7N4b5cTRydQ2F38M=\/620x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg 620w, https:\/\/www.theglobeandmail.com\/resizer\/3ub3MuOkYlD_u5h3Lt08_9dRzJg=\/1200x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg 1200w, https:\/\/www.theglobeandmail.com\/resizer\/vsqzF4IzVOTfC2s0JwMDsANBsd8=\/1900x0\/filters:quality(80)\/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com\/public\/33MX76BYQNEWDLKFANSA3LVRZI.jpg 1900w\" data-aspect-ratio=\"149.89648033126295\" \/><\/a><\/div>\n<\/div>\n<\/div><figcaption class=\"c-article-media__info\">\n<div class=\"c-article-media__description\">\n<h6 class=\"c-article-media__credit\">JOHNNYH5\/GETTY IMAGES\/ISTOCKPHOTO<\/h6>\n<\/div>\n<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<div id=\"fttnov1sCzDaJq\" class=\"u-wrapper pb-feature pb-layout-item pb-f-article-meta\">\n<div class=\"c-article-meta\">\n<div class=\"c-article-meta__bylines\"><span class=\"c-byline\">ANNA SHARRATT,\u00a0<\/span><span class=\"c-creditline\">SPECIAL TO THE GLOBE AND MAIL<\/span><\/div>\n<div class=\"c-article-meta__timestamps\"><time class=\"c-timestamp js-story-moment\" datetime=\"2018-02-09T13:00:01Z\" data-unixtime=\"1518181201\" data-moment-preface=\"Published \">PUBLISHED 9 February 2018<\/time><\/div>\n<\/div>\n<\/div>\n<div id=\"fCPpBL1sCzDaJq\" class=\"u-wrapper pb-feature pb-layout-item pb-f-article-content\">\n<div class=\"c-article-body js-c-article-body u-clearfix\">\n<p>&nbsp;<\/p>\n<p><strong><span class=\"c-label\">PAYCHEQUE PROFILE<\/span><\/strong><\/p>\n<p class=\"c-article-body__text\"><strong>Name:<\/strong>\u00a0John*<\/p>\n<p class=\"c-article-body__text\"><strong>Age:<\/strong>\u00a029<\/p>\n<p class=\"c-article-body__text\"><strong>Annual income:<\/strong>\u00a0$90,000<\/p>\n<p class=\"c-article-body__text\"><strong>Savings:<\/strong>\u00a0$3,000 in savings account; $8,000 in TFSAs; $5,500 in index fund<\/p>\n<p class=\"c-article-body__text\"><strong>Debt:<\/strong>\u00a0$210,000 mortgage; $23,000 car loan<\/p>\n<p class=\"c-article-body__text\"><strong>What he does:<\/strong>\u00a0firefighter; partner in tech startup<\/p>\n<p class=\"c-article-body__text\"><strong>Where he lives:<\/strong>\u00a0Rothesay, N.B.<\/p>\n<p class=\"c-article-body__text\"><strong>Top financial concern:<\/strong>\u00a0&#8220;There&#8217;s part of me that&#8217;s worried that I&#8217;m paying into a pension and it will be like what happened at Sears,&#8221; he says. &#8220;My goal is financial stability \u2013 putting enough aside for retirement. Hopefully, there will be enough for me to live on.&#8221;<\/p>\n<p class=\"c-article-body__text\">John always knew he wanted to be a firefighter. After studying for a few years at the University of New Brunswick, the now 29-year-old couldn&#8217;t wait to fulfil his dream, getting his fire school diploma in 2008 from Holland College in Prince Edward Island.<\/p>\n<p class=\"c-article-body__text\">For seven years John worked full time in St. John in a junior firefighting role that came with considerably less pay than a senior one. Earning $55,000 a year, he repaid his $7,000 student loan in five years. He has since been promoted and now pulls in $90,000 before taxes. He also gets vacation pay and has a shared risk plan, also known as a\u00a0Target Benefit Plan,\u00a0which is essentially a hybrid of a defined benefit pension plan and defined contribution plan.<\/p>\n<p class=\"c-article-body__text\">&#8220;It&#8217;s the best job in the world,&#8221; says John, who works four days on and four days off, for a total of 48 hours a week. He currently wants to upgrade to a firetruck driver\/hose operator. But he worries about his prospects in New Brunswick, which has seen an exodus of residents in recent years. &#8220;It&#8217;s struggling,&#8221; he says.<\/p>\n<p class=\"c-article-body__text\">John is also concerned about his future pension. &#8220;There&#8217;s part of me that&#8217;s worried that I&#8217;m paying into a pension and it will be like what happened at Sears,&#8221; he says, referring to the\u00a0<a title=\"\" href=\"https:\/\/www.theglobeandmail.com\/report-on-business\/out-in-the-cold-sears-staff-retirees-live-amiduncertainty\/article37438917\/\" data-analyticsclick=\"{&quot;type&quot;:&quot;link&quot;,&quot;feature&quot;:&quot;inline link&quot;,&quot;label&quot;:&quot;bankruptcy of the canadian retailer last year&quot;,&quot;hierarchy&quot;:1,&quot;position&quot;:1}\">bankruptcy of the Canadian retailer last year<\/a>\u00a0and word that its pension is underfunded, , leaving its former staffers with significantly fewer retirement benefits that what they are entitled to. Unlinke a\u00a0\u00a0<a title=\"\" href=\"https:\/\/www.theglobeandmail.com\/globe-investor\/retirement\/retire-q-and-a\/three-reasons-to-stay-with-a-defined-benefit-pension-plan\/article27633794\/\" data-analyticsclick=\"{&quot;type&quot;:&quot;link&quot;,&quot;feature&quot;:&quot;inline link&quot;,&quot;label&quot;:&quot;db pension plan&quot;,&quot;hierarchy&quot;:1,&quot;position&quot;:2}\">DB pension plan<\/a>\u00a0in which\u00a0which both employer and employees contribute a certain amount and the employer \u2013 rather than the employee \u2013 bears the investment risk, if\u00a0a shared risk plan becomes underfunded, the benefits to employees are allowed to be reduced, as opposed to having the deficit paid by the employer.<\/p>\n<p class=\"c-article-body__text\">To that end, he&#8217;s building up his equity, having bought a house in 2017 with his wife for $270,000. And he&#8217;s building his wealth, belonging to two\u00a0<a title=\"\" href=\"https:\/\/www.theglobeandmail.com\/globe-investor\/personal-finance\/genymoney\/investment-clubs-arent-only-a-thing-of-the-past\/article36896848\/\" data-analyticsclick=\"{&quot;type&quot;:&quot;link&quot;,&quot;feature&quot;:&quot;inline link&quot;,&quot;label&quot;:&quot;investing clubs&quot;,&quot;hierarchy&quot;:1,&quot;position&quot;:3}\">investing clubs<\/a>, investing $120 a month primarily in blue-chip stocks. Buying marijuana stocks has also yielded dividends. &#8220;In one club, I&#8217;ve had a 65 per cent return and in the other club a 45 per cent return,&#8221; he says. In total he has made $7,000 over the past three years. John also has investments in his TFSA, which he handles himself through a direct investing account.<\/p>\n<p class=\"c-article-body__text\">Plus, in a move he hopes will yield profits down the road, he&#8217;s a partner in a tech startup \u2013 a self-serve kiosk service that prints lift tickets for ski hills. For now &#8220;it&#8217;s a pastime,&#8221; he says. &#8220;Although the company is profitable, I take no salary in order to reinvest the money to further growth.&#8221;<\/p>\n<p class=\"c-article-body__text\">With his high salary and no debt, John is now enjoying a comfortable yet conservative lifestyle. He cuts his own hair. He bought a home gym for his basement to avoid paying gym fees. He eats out a few times a month. And though he travels many times a year \u2013 be it Nantucket Island in New England or Sugarloaf Mountain in Maine, with his wife and his or her parents \u2013 each trip costs him $600, on average, as his parents or in-laws cover accommodation. &#8220;Because our parents are close to retirement and enjoying life, we&#8217;re able to reap some benefits of that,&#8221; says John<\/p>\n<p class=\"c-article-body__text\">Then there is the recent purchase of a 2017 Honda CRV, which comes with a $23,000 loan. &#8220;Cars have been my weak point,&#8221; he admits.<\/p>\n<p class=\"c-article-body__text\">For now, John is planning a trip to Europe. He wants to start a family in five years. And he hopes to retire at 55 or 60. &#8220;I don&#8217;t want to take on debt,&#8221; he says. &#8220;My goal is financial stability \u2013 putting enough aside for retirement. Hopefully, there will be enough for me to live on.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>His typical monthly expenses:<\/strong><\/p>\n<p class=\"c-article-body__text\"><strong>$1,090<\/strong>\u00a0on mortgage. &#8220;We bought our house in July, 2017, for $270,000. I have a $210,000 mortgage.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$259<\/strong>\u00a0on property tax.<\/p>\n<p class=\"c-article-body__text\"><strong>$160<\/strong>\u00a0cable and internet.<\/p>\n<p class=\"c-article-body__text\"><strong>$285<\/strong>\u00a0for electricity. &#8220;We have electric baseboards. I do have a propane fireplace but I don&#8217;t use it much.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$100<\/strong>\u00a0in home insurance.<\/p>\n<p class=\"c-article-body__text\"><strong>$30<\/strong>\u00a0in hydro.<\/p>\n<p class=\"c-article-body__text\"><strong>$75<\/strong>\u00a0for home emergency fund. &#8220;This is for home maintenance.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$680<\/strong>\u00a0on groceries.<\/p>\n<p class=\"c-article-body__text\"><strong>$200<\/strong>\u00a0on eating out. &#8220;We go out two times a month. We&#8217;re not big on fast food. There&#8217;s a place [we like] called Italian by Night \u2013 it&#8217;s kind of expensive.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$240<\/strong>\u00a0on alcohol. &#8220;I enjoy having some beers \u2013 I spend about $60 a week. Generally, the people I hang out with are my childhood friends. I&#8217;ll have a couple of craft beers and some wings.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$75<\/strong>\u00a0on cellphone. &#8220;I brought my own phone to Koodo from Rogers.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$450<\/strong>\u00a0for car. &#8220;I just bought a 2017 black Honda CRV in October. I paid $16,000 down and the loan is $23,000. I went for the safe bet.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$150<\/strong>\u00a0on gas. &#8220;My commute is 10-15 minutes.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$100<\/strong>\u00a0on car insurance. &#8220;You have to shop it around.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$120<\/strong>\u00a0in investments. &#8220;I&#8217;m a part of two investment clubs. I allocate a certain amount each year to invest. We plan to do this for the next 20 years.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$0<\/strong>\u00a0on hair. &#8220;I cut my own hair most of the time. I shaved my head for years but my wife wanted me to grow it out.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$25.00<\/strong>\u00a0in banking\/investment fees. &#8220;My monthly regular banking fees are $15 a month. Direct investing fees are $25 quarterly and $10 per trade.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$10<\/strong>\u00a0for apps. &#8220;I subscribe to Apple iTunes.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$100<\/strong>\u00a0on dog. &#8220;He&#8217;s a golden doodle. I just bought three weeks of dog food for $70. In the spring, summer and fall, I also buy a heartworm and tick medication for him because there are many ticks out here. It&#8217;s $200 for the vet once a year.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$30<\/strong>\u00a0in clothes. &#8220;I&#8217;m not one to buy clothes. I wear the same pair of jeans every day.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$155<\/strong>\u00a0on sports. &#8220;I play in a basketball league once a week. It&#8217;s $60 a year. We bought two paddle boards in July \u2013 they were $900 each. We like to go for hikes.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$0<\/strong>\u00a0on gym fees. &#8220;I had a gym membership but I cancelled it. I went out and spent $1,500 on gym equipment and put it in my basement. I now work out five to six times a week.&#8221;<\/p>\n<p class=\"c-article-body__text\"><strong>$2,900<\/strong>\u00a0per year on holidays\/trips. &#8220;We have the advantage of going on vacation and not paying for accommodation \u2013 we wouldn&#8217;t be able to do this without my parents or my wife&#8217;s parents. We are going to Sugarloaf Mountain in Maine in a couple of weeks. My wife&#8217;s dad is a part of a private fly fishing club \u2013 we go there once a year. My family used to go to Nantucket Island for a week \u2013 the last time was in 2016. And we went to Florida\u2013Anna Maria Island \u2013 for my wife&#8217;s parents&#8217; anniversary. That was $600. We didn&#8217;t have to pay for the flight, accommodation or rental car. We&#8217;re saving to go to Europe now \u2013 maybe the south of France.&#8221;<\/p>\n<p class=\"c-article-body__text\"><em>* John&#8217;s real name has been withheld to protect his privacy.<\/em><\/p>\n<\/div>\n<p>Link to the <a href=\"https:\/\/www.theglobeandmail.com\/globe-investor\/personal-finance\/genymoney\/firefighter-29-earning-90000-worries-about-the-future-of-his-pension\/article37900341\/?click=sf_globefb\">original article<\/a><\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>JOHNNYH5\/GETTY IMAGES\/ISTOCKPHOTO ANNA SHARRATT,\u00a0SPECIAL TO THE GLOBE AND MAIL PUBLISHED 9 February 2018 &nbsp; PAYCHEQUE PROFILE Name:\u00a0John* Age:\u00a029 Annual income:\u00a0$90,000 Savings:\u00a0$3,000 in savings account; $8,000 in TFSAs; $5,500 in index fund Debt:\u00a0$210,000 mortgage; $23,000 car loan What he does:\u00a0firefighter; partner in tech startup Where he lives:\u00a0Rothesay, N.B. Top financial concern:\u00a0&#8220;There&#8217;s part of me that&#8217;s worried [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-5379","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Firefighter, 29, earning $90,000 worries about the health of his pension - Safety Source Fire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/safetysourcefire.ca\/fr\/firefighter-29-earning-90000-worries-health-pension\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Firefighter, 29, earning $90,000 worries about the health of his pension - Safety Source Fire\" \/>\n<meta property=\"og:description\" content=\"JOHNNYH5\/GETTY IMAGES\/ISTOCKPHOTO ANNA SHARRATT,\u00a0SPECIAL TO THE GLOBE AND MAIL PUBLISHED 9 February 2018 &nbsp; PAYCHEQUE PROFILE Name:\u00a0John* Age:\u00a029 Annual income:\u00a0$90,000 Savings:\u00a0$3,000 in savings account; $8,000 in TFSAs; $5,500 in index fund Debt:\u00a0$210,000 mortgage; $23,000 car loan What he does:\u00a0firefighter; partner in tech startup Where he lives:\u00a0Rothesay, N.B. 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