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-150612-F-EC705-058

Emerald Knights go out with bang

Emerald Knights watch a burning piano during the 308th Fighter Squadron inactivation party June 12 at Luke Air Force Base. The 308th FS and aircraft maintenance unit have packed up and are transitioning to the 314th FS standing...
 
 
2_lemery_d2

Respect — want, earn, give, but don’t lose it

Lt. Col. David Lemery We all want it, some earn it, some are given it and some lose it. Respect can be defined as a feeling of deep admiration for someone or something elicited by their abilities, qualities or achievements. As ...
 
 

Solve problems at lowest level

Crucial in our Air Force environment today is having the proper tools and skillsets available to deal with problems. There is literally something new almost every single day that will invoke problem solving skills. When faced with a problem, an important mindset to have is to resolve the issue at the lowest possible level. Some...
 

 

News Briefs June 26, 2015

607th ACS change of command Lt. Col. Charles Jones will relinquish command of the 607th Air Control Squadron to Lt. Col. Jerald Canny in a ceremony at 8 a.m. Wednesday in Hangar 999.   CMS change of command Maj. Scott Hall will relinquish command of the 56th Component Maintenance Squadron to Maj. Anthony Sutton in...
 
 

Fighting Falcons arrive at Holloman

Courtesy photo Six F-16 Fighting Falcons from the 308th Fighter Squadron at Luke Air Force Base arrive in formation June 16 at Holloman Air Force Base, New Mexico. The 308th FS has inactivated and the soon to be activated 314th FS assumes the 308th FS mission of training F-16 pilots as a 56th Fighter Wing...
 
 
5_Courtesy-photo

Monsoon season blows in storms, rain, dust

Courtesy photo Arizona is known for being sunny with clear skies for the majority of the year, but every year “it” happens. As the clouds roll in, the sky darkens with thunderbolts streaming overhead, and the first drops of...
 




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>