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.


 
 

 
Staff Sgt. 
STACI MILLER

Luke ‘deploys’ youngest Airmen

Staff Sgt.STACI MILLER Gabriel Gutierrez, age 5, son of Staff Sgt. Arlene Gutierrez, 56th Security Forces Squadron, gives high fives as he goes through the welcome home line during Operation KIDS Saturday at Luke Air Forces Bas...
 
 

Warrior ethos puts will to test

It is important for us as warriors to put our physical fitness test in proper perspective. Airmen need to be physically able to do their job, and currently the Air Force measures their fitness with a simple test. This article is not to debate if the current test actually gives an accurate indication of fitness...
 
 

You, too, can empower innovation

Innovation is the lifeblood of progress. Without it we wouldn’t have the automobile, airplane or computer. We may have never made it to an industrial revolution. At every level of our species, from the individual level to the societal level, compelling change is how we grow, and it is innovators that drive this. In the...
 

 
Staff Sgt. Timothy Boyer

CES inspects base infrastructure

Staff Sgt. Timothy Boyer Staff Sgt. Steven Stein, 56th Civil Engineer Squadron electrical subject matter expert, points out a damaged water heater Oct. 24 to Senior Airman Sandham Challis, 56th CES structural subject matter exp...
 
 

News Briefs October 31, 2014

Base-wide exercise The 56th Fighter Wing will conduct a base-wide exercise Wednesday. The exercise will include military and local, county and state law enforcement, and fire departments. On and off-base residents should expect traffic disruptions, gate closures or delays, and interruptions of customer service operations. Expect to see simulated explosions, smoke, role players depicting individ...
 
 
Courtesy photo

Airman changes lanes in life

Courtesy photo Airman 1st Class Kelton Rall Those who have had a hard life often say it is hard to overcome the past. “It’s almost like climbing out of a dark hole – one mistake and you fall deeper into the abyss,” said...
 




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