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.


 
 

 

Local Briefs July 2, 2015

Sunset Horseback Ride August 8, 4 – 8 p.m. – Outdoor Rec Saddle up and enjoy a 2-hour sunset horseback ride through the Saguaro National Park. Single Airmen can sign-up beginning July 6. All others may sign-up beginning July 13. Final deadline is July 31. Minimum age: 18. Cost of $25/person. Call 228-3736 for more...
 
 
(U.S. Air Force photos by Airman 1st Class Chris Massey)

F-15E Strike Eagle students complete training at D-M

Student pilots from Seymour Johnson Air Force Base, N.C., have been training here since June 17. Fourteen F-15E Strike Eagles from the 334th Fighter Squadron, as well as pilots and Weapons Systems Officers came to D-M to com...
 
 

D-M’s Fourth of July Celebration

For July 4, D-M is scheduled to hold a few evening events to celebrate the holiday. Shuttles for the fireworks are scheduled to start running at 5:30 p.m. from Heritage Park, the Sonoran Science Academy and Borman Elementary School. Pre-firework events are slated to begin at 6 p.m. at Bama Park featuring live music by...
 

 

Giving life through the Living Donor Program

  As Airmen, it is our responsibility to help each other, as well as our civilian counterparts from day to day. But what if the need was greater than something as simple as a ride to work? What if it was as great as a kidney donation? Located in Sacramento, Calif., The University of California...
 
 

Balancing career, family through career intermission program

  KADENA AIR BASE, Japan (AFNS) — Being in the U.S. military can be a tough balance between career and family. For some, it comes down to a choice between the two; however, for Katie Evans, a temporarily separated captain and the former 18th Force Support Squadron manpower and personnel flight commander here, it’s about...
 
 

One AWACS lands at D-M for Boneyard Storage

One NATO E-3A AWACS (Airborne Warning and Control System) departed NATO Air Base Geilenkirchen, Germany and landed around 1 p.m. June 23, for storage in the ‘Boneyard’. This is the first ever NATO AWACS to be retired. The decision to retire one E-3A was made by the North Atlantic Council in an effort to modernize the...
 




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=""> <s> <strike> <strong>