U.S.

July 27, 2012

Building nest egg powers retirement, education goals

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

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.


 
 

 
Pg-1-photo

Chief of staff visits Luke

Air Force Chief of Staff Gen. Mark A. Welsh III and his wife, Betty, spent time meeting with Airmen and leadership Monday at Luke Air Force Base. Welsh highlighted Airman health, wellness and quality of life activities. He also...
 
 

Mentoring fosters dreams, strengthens us

A few days ago while reading an online commander’s call, I came across an article dated Dec. 31, 2014, stating President Obama proclaimed the month of January 2015 National Mentoring Month. Although this topic is thoroughly discussed in our Air Force today, I felt compelled to write on its importance all the same. In a...
 
 

Have you joined the Air Force yet?

I enlisted into the Air Force in February of 1997. However, I didn’t join the Air Force until March of 1999. No, I’m not talking about the Delayed Enlistment Program. There was no doubt that after high school I would attend college. However, not having applied for any scholarships and realizing that I didn’t have...
 

 
Courtesy photo

Prevention training goes face-to-face

Courtesy photo Maj. Jennifer Tomlinson, Air Education and Training Command Medical Readiness Division deputy chief, serves as facilitator during the AETC Medical Services and Training directorate annual Air Force Suicide Preven...
 
 
Senior Airman
JAMES HENSLEY

Thunderbolt looks to future

Senior AirmanJAMES HENSLEY Staff Sgt. Maddie Baker, 56th Dental Squadron acting commander secretary was an Air Force Honor Guard member prior to crossing over to the dental field. As the commander’s secretary, she plays a piv...
 
 

Tuskegee Airmen commemorated

The Archer-Ragsdale Arizona Chapter of Tuskegee Airman Inc. celebrated the 2nd Annual Tuskegee Airman Commemoration Day with a wreath ceremony Wednesday at the Tuskegee Airmen Memorial Air Park. The Tuskegee Airmen Commemoration Day is the result of legislation signed into law by former Arizona Governor Janice Brewer in 2013 and is the first such law...
 




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