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.


 
 

 

Eliminating stigma: A leadership responsibility

WASHINGTON (AFNS) — As a child, a close relative of mine committed suicide. In those days, mental health was only discussed in hushed tones and little support was available. I was shaped by this experience and in my military career, I have tried to create an environment where people feel comfortable discussing their problems and...
 
 
(U.S. Air Force photo illustration by Airman 1st Class Alystria Maurer)

Dietary Supplements: Safety still an issue

SAN ANTONIO — Being a Servicemember is as physically demanding, at times, as being a professional athlete. As a result, Servicemembers are especially conscious of physical training requirements and the need to remain fit and ...
 
 

Air Forces Southern hosts first Aeromedical Symposium

(U.S. Air Force photo by Tech. Sgt. Heather R. Redman) Pararescuemen from the 48th Rescue Squadron at Davis-Monthan Air Force Base, Ariz., demonstrate casualty care to dozens of military medical professionals from Latin American nations Aug. 28. Air Forces Southern hosted the Aerospace Medicine Symposium as a multinational key leader engagement designed to strengthen aerospace...
 

 
(U.S. Air Force photo by Maj. Brandon Lingle)

D-M pararescuemen hone skills in Bagram’s excess structures

BAGRAM AIRFIELD, Afghanistan — Pararescuemen from the 83rd Expeditionary Rescue Squadron, Bagram Airfield, Afghanistan, participated in a mission rehearsal where they practiced breaching, clearing, patient care and egress...
 
 

Tuition assistance program changes Oct. 1

LUKE AIR FORCE BASE, Ariz. — Effective Oct. 1, new changes will go into effect that impact the Air Force Tuition Assistance Program. Personnel using the TA program will now be required to pass all undergraduate courses with a grade of “C” or higher. A grade of “D” will be considered a failing grade and...
 
 

Suicide prevention more than a month-long campaign

WASHINGTON (AFNS)  — All Airmen have a responsibility that lasts much longer than a one-month campaign. This responsibility extends beyond ourselves and includes our work environment, our families, friends, fellow Airmen and our communities. While Suicide Prevention Month is observed across the United States in September, the month-long event is a reminder of everyone’s 24/7,...
 




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