Air Force

August 3, 2012

Building nest egg powers retirement, education goals

Airman 1st Class Grace Lee
56th Fighter Wing Public Affairs

LUKE AIR FORCE BASE, Ariz. — Having a savings plan can be important for those who want to retire, buy a house or just have extra money available in case of an emergency.

According to Susan Wilinski, 56th Force Support Squadron Airman and Family Readiness Center community readiness specialist, starting a savings plan is essential for unplanned events.

“Things happen, sometimes good and sometimes bad,” Wilinski said. “If you have money saved, you will be able to afford a spontaneous trip with friends to San Diego or a trip home to attend grandma’s funeral.”

For Edwin Robinson, 56th FSS A&FRC community readiness specialist, there’s never a better time to start saving than now.

“The longer you wait, the more money you’ll need to save to meet your goal,” Robinson said. “By the time today’s newborns are set to enroll in college, four years at a public university will cost more than $200,000. While getting an early start is key, it’s never too late to begin saving for those you care about.”

While saving up for a loved one’s education is essential, thinking about retirement can be the last thing on a young person’s mind, according to Wilinski. However, saving money for retirement is a must, even when you’re young.

“We will be responsible for a greater chunk of our retirement income,” Wilinski said. “Our grandparents either relied or rely heavily on Social Security and pensions to finance their retirement. Today, we must depend on our own personal investments.”

Although thinking about retirement and children’s college funds may seem years away, Wilinski said the best part about starting earlier in life is that your money will have more time to grow. Simply put, TIME+MONEY=compound interest.

“A 21-year-old who starts saving $100 per month ends up with the same amount at retirement as a 30-year-old who saves $550 per month or a 50-year-old who saves $1,650 per month,” Wilinski said.

Robinson said he recommends making small changes in the beginning.

“Except for a home or a good low-cost vehicle, avoid using credit for purchases,” Robinson said. “Pay down debt quickly and start saving the money you would normally pay to debt. Credit is a downfall which can cost you 50 times more money with calculated interest and late fees.”

Cory Carmichael, 56th FSS A&FRC community readiness specialist, advises people to start saving by creating an allotment or automatic transfer to a separate account.

“Allotment or automatic transfers to a separate account make it easy to save — out of sight, out of mind,” Carmichael said. “Start small and think big. One doesn’t need to sacrifice a lot and even modest, regular deposits can make a big difference. Just like any other habit, good or bad, it gets easier with time.”




All of this week's top headlines to your email every Friday.


 
 

 

SAPR: More than just an Air Force acronym

As an Airman and a senior leader in the Air Force Reserve, I’ve seen firsthand the devastating impacts of sexual assault on an Air Force organization. Regardless of your unit or military status, Active or Reserve, no one is immune to these impacts nor absolved of their responsibility to combat the instances of sexual assault...
 
 

ACC, PACAF commanders confirmed

WASHINGTON (AFNS) — Pacific Air Forces Commander Gen. Herbert Carlisle will be the next commander of Air Combat Command and ACC Vice Commander Lt. Gen. Lori Robinson will be the next commander of Pacific Air Forces, according to a Senate confirmation vote July 23. Headquartered at Joint Base Langley-Eustis, Virginia, ACC leads America’s Combat Air...
 
 
Flooding_pict

Flooding still underway this year, avoid water runoff problems

While rain in a desert climate is usually welcome, too much of a good thing can a problem for travelers, especially newcomers who may not be familiar with how quickly driving and other travel conditions can change. “There hav...
 

 

Cyber Airmen create virtual help desk

JOINT BASE SAN ANTONIO – LACKLAND, Texas (AFNS) — The Air Force Enterprise Service Desk is going virtual, and Joint Base San Antonio – Lackland will be the first to see it as it rolls out across the Air Force, starting the end of August. Air Force Chief of Staff Gen. Mark Welsh has challenged...
 
 

AFSOUTH strengthens space ties with partner nations

Three officers from the Dominican Republic, Peruvian and Brazilian militaries partnered with active-duty and guard Airmen at Davis-Monthan for a rare opportunity to work collectively on the space component of PANAMAX 2014, Aug. 8-15. For a third year, partner nation participants took part in the space element of PANAMAX, an annual U.S. Southern Command sponsored...
 
 

The Judge Advocate General’s Corps announces law school programs

PATRICK AIR FORCE BASE, Fla. (AFNS) — Officers interested in continuing to serve the Air Force as a judge advocate are able to apply to the Funded Legal Education Program, or FLEP, and the Excess Leave Program, ELP. Officers selected for FLEP have the opportunity to attend law school at the Air Force’s expense while...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


Directory powered by Business Directory Plugin