Retirement Planning for Police and Fire with Kimberly Stratman 

Exploring the unique challenges and needs of first responders in retirement with retirement coach and former police lieutenant Kimberly Stratman.

When we need them most, first responders rise to answer the call. But what is waiting for them on the other side of the finish line once their career is over? It’s a unique challenge, and one that deserves special attention. I recently had the privilege of speaking with Kimberly Stratman, a retired police lieutenant with over 30 years of experience, about her insights into this crucial transition. Kimberly’s perspective, as a former officer, and the daughter, sister, mother, and wife of police officers, is truly invaluable.

The Realities of First Responder Life (and How it Impacts Retirement)

Kimberly’s career with the Dallas Police Department, culminating in 20 years as a lieutenant, gave her a front-row seat to the realities of first responder life. She described the double-edged sword of promotion, how it distanced her from the street patrol work she loved, while simultaneously opening doors to teaching and sharing her knowledge. But beyond the daily grind, Kimberly shed light on the less glamorous aspects of the profession – the paperwork, the emotional toll, and the impact on personal lives.

As she aptly put it, “Everything that makes us good to write about and makes for good viewing destroys marriages and careers.” The constant stress, lack of sleep, rotating schedules, and exposure to trauma take a heavy toll, often leading to physical and mental health challenges. And, as Kimberly pointed out, “Up until just recently, we were supposed to handle all of that privately. We weren’t even allowed to acknowledge that we were having any problems, or they would take your badge from you.”

The Unique Challenges of First Responder Retirement

While anyone can struggle with retirement, first responders face a unique set of challenges. They often retire younger, leaving them with potentially decades of life to navigate. They carry the weight of their experiences, both emotionally and physically. And, as Kimberly emphasized, “First responders tend to drop dead a couple of years after retirement.” This stark reality underscores the importance of proactive planning and self-care.

The loss of identity is another significant hurdle. Kimberly shared her own experience of turning in her uniform, a surprisingly emotional moment that symbolized the end of an era. “When I turned my uniform in, it took me three times to… get it all together… And then when I took the last stuff in, I actually cried when I was driving away. It was very hard.” This powerful anecdote highlights the deep connection between identity and career for first responders.

Planning for a Successful Transition: More Than Just Finances

Kimberly stressed that while financial planning is essential, it’s just one piece of the puzzle. “Our time and our health, I would have to say, is even more important than the money.” She emphasized the need for intentionality, both in career and retirement planning. “If you’re very intentional about it, if you have a plan for it… it’s just like everybody’s worried about the money and that’s important… But our time and our health… is even more important.”

She also highlighted the importance of addressing health issues proactively. “Know your numbers, be brutally honest with yourself… if you can’t go out and do normal stuff… start addressing that.” And, perhaps most importantly, she emphasized the crucial role of relationships. “You have to know if your marriage is strong… Work with your relationship with your children… The first responder hasn’t been at any of the events… and so the retiree thinks, when I retire, I’m going to spend all this time with my kids. Well, the kids have moved on.”

The Importance of Early Planning and Flexibility

Kimberly’s perspective on retirement planning has evolved over time. She now believes that conversations about retirement should begin much earlier in a first responder’s career. “Why live a certain way and accumulate all this damage… and then say, oh, wait a minute, you’re going to retire in a couple of years? Let’s fix it all?” She advocates for building a good life now that will naturally flow into a fulfilling retirement.

Flexibility is also key. “You’ve got to be flexible and you really need to know who you are. So when opportunities present themselves, you can take them. So don’t be rigid.” This is especially important for first responders, who are often trained to be highly structured and rule-oriented.

Key Steps for a Successful First Responder Retirement

Kimberly offered some invaluable advice for those planning their retirement:

1. Financial Planning: Work with a financial advisor to ensure you’re prepared for the financial realities of retirement.
2. Health Assessment: Be honest about your health and address any issues proactively.
3. Relationship Building: Nurture your relationships with your spouse and children.

These three areas form the foundation for a fulfilling retirement. As Kimberly eloquently stated, “You triage the situation, triage yourself about your money, your health and your relationships and start working on it.”

After a career of service and intense devotion to the community, retirement should be a celebration of a job well done. Don’t resign yourself to a retirement that lacks the motivation or purpose you felt during your career–embrace this new chapter and learn to bring meaning into your retirement.

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Additional Links:

• Contact Kimberly
  • https://www.hopeplacetx.com/kimberly-stratman
  • To The Point Coaching for First Responder Retirement:  https://tothepointcoach.org/
  • LinkedIn: https://www.linkedin.com/in/kimberly-stratman-9326a9242/
  • Email: retirestrat6138@gmail.com

Connect With Jeremy Keil:

• Keil Financial Partners
• LinkedIn: Jeremy Keil
• Facebook: Jeremy Keil
• LinkedIn: Keil Financial Partners
• YouTube: Retirement Revealed
• Book an Intro Call with Jeremy’s Team

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