Madison · Retirement Planning Questions

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Your Two Retirement Systems

Huntersville & Charlotte pension details

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How many years have you worked at Huntersville Fire?

How many years have you worked at Charlotte Fire?

Do you plan to stay at both departments long-term, or eventually choose one?

Stay at both departments

Eventually choose one

Not sure yet

Are you vested in the Huntersville (state) pension?

Yes

No

Not sure

Are you vested in the Charlotte pension?

Yes

No

Not sure

Do you know if you can collect from both pensions simultaneously at retirement?

Yes

No

Not sure

This is one of the most important questions — two simultaneous pensions dramatically changes your retirement outlook.

Huntersville pension — benefit multiplier per year of service (if known)

Charlotte pension — benefit multiplier per year of service (if known)

Does either pension have a COLA (cost of living adjustment)?

Huntersville has COLA

Charlotte has COLA

Both have COLA

Neither has COLA

Not sure

Does Charlotte's plan offer a DROP program (Deferred Retirement Option Plan)?

Yes

No

Not sure

A DROP program can be a huge wealth builder — worth asking HR about if you don't know.

Huntersville — when can you retire with full benefits? (years of service or age)

Charlotte — when can you retire with full benefits? (years of service or age)

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Social Security

WEP impact & coverage years

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How many years of SS-covered work did you have before firefighting?

Part-time jobs, retail, etc. before the fire department all count.

Including Huntersville and any other SS-covered work, approximately how many total SS-covered years do you expect over your career?

30+ years of substantial SS earnings eliminates the WEP penalty entirely.

Were you aware that your Charlotte pension could reduce your Social Security benefits (Windfall Elimination Provision)?

Yes

Somewhat

New to me

Do you have a Social Security statement estimate? If so, what is the monthly benefit shown?

$

You can find this at ssa.gov — create a free account to see your estimate.

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Disability Coverage

Short-term, long-term & line-of-duty

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Does Huntersville offer any disability coverage (separate from Charlotte)?

Yes

No

Not sure

Charlotte's LTD — approximately what percentage of your salary does it replace?

How long does Charlotte's LTD pay benefits?

Are your disability premiums paid pre-tax or post-tax? (This determines if benefits are taxable)

Pre-tax

Post-tax

Not sure

Is there a separate line-of-duty disability benefit at either department?

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Health Insurance

Coverage gap from 55 to Medicare at 65

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Does Charlotte offer retiree health benefits after you retire?

Yes

No

Not sure

If yes — estimated monthly cost of Charlotte retiree health coverage

$

Does the NC State Retirement System (through Huntersville) offer any retiree health coverage?

Yes

No

Not sure

NC State Health Plan covers many state employees — worth checking if it extends to retirees.

If you left one department early, would you lose health benefits from that department?

Yes

No

Not sure

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Income & Current Finances

Earnings, savings & expenses

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Are you currently working both departments simultaneously, or did you transition from one to the other?

Both simultaneously

Transitioned from Huntersville to Charlotte

Transitioned from Charlotte to Huntersville

Approximate combined annual income (all sources)

Does overtime count toward your pension calculation at either department?

Yes — both departments

Yes — Huntersville only

Yes — Charlotte only

No

Not sure

Approximate total current savings & investments (all accounts combined)

Approximate monthly living expenses

Any side income or other assets? (real estate, business, investments)

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Home & Debt

Housing situation & liabilities

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Do you currently own a home or rent?

Own

Rent

Living with family

If you own — approximate remaining mortgage balance

Do you have any significant debt? (Check all that apply)

Do you have dependents, or are you planning for family in the future?

Yes — current dependents

Planning for family in the future

No dependents planned

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Goals & Vision

What retirement actually looks like for you

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Do you plan to stay in North Carolina in retirement?

Yes

No

Not sure

NC taxes retirement income. Moving to a state like Florida or Tennessee (no income tax) could meaningfully increase net retirement income.

What does retirement actually mean to you?

Full stop — done working completely

A second, lower-stress career

Part-time or occasional work

Not sure yet

What is your biggest financial concern or question right now?

Is there anything else about your financial situation that would be helpful for us to know?

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