5/5 I'm close to retirement - or I'm already retired

  Congratulations!  You've achieved the big goal.  

Thank you for protecting us, our families, our communities.

It is time to reduce your risk and to not make mistakes.

Do not change your broker (the company that manages your Deferred Comp account) after you retire!  

Currently, that company is T Rowe Price.  

When you retire, because you are, or were, a police officer, you are eligible to (if you choose to) begin drawing from your Deferred Comp account without the early withdrawal penalty that most people have to contend with.  If you move your account from T Rowe Price to some other company, you lose that benefit.

• If you're going on to another job, or you plan to let your investments continue growing because you plan to live on your pension income, at least for now, then keep your investments the same.  Or maybe only reduce the risk some.  You still want to pursue growth.
• A lot of folks who choose this path will choose to earn another pension from a separate and distinct pension system.  Some will choose to go finish up by making sure that they get 40 quarters (10 years) of work in which pays into Social Security, in order to make them eligible for "full" Social Security benefits.  

• If you are close to retirement and you plan to soon start drawing from your Deferred Comp account, you should start thinking about reducing the amount of risk that you are taking with your investments.  The easiest way to do that is with an appropriate Target Date Retirement Fund through T Rowe Price, just log in and change your investment choices to one that matches your expected retirement timeline.  That will significantly reduce the risk to your investments, but may also limit their growth.  Your choice.  

You also need to consider your "Spousal Benefit" option which you select at the time you retire.  This option is really just you buying life insurance on yourself, for your current spouse's benefit, and paying for it by taking a smaller current monthly pension payment.  It is likely better and possibly cheaper to purchase a similar benefit in the private market, unless you have certain special circumstances.

If you have questions, talk to a financial advisor who is also a fiduciary.  

Consider talking to Freddy Rappina, a retired Fairfax County Police Officer, who understands our system's quirks and features.  He is a fiduciary, he puts your needs first, and he has the education and training to help you.  Plus he's a really good guy.

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If you want to choose to save and invest even more, you can do that in a regular brokerage account.  Vanguard is one good option.

As for what to invest in, how much, and when to make changes to that extra investment account, you cannot go wrong by following the The AlphaDogs.   They beat the market over time.

Join the FOP The biggest risks to your financial future are divorce and legal action.