JOINT BASE CHARLESTON –
I've been a first sergeant for nearly half my career now, and I've seen hundreds of Airmen for initial interviews when they arrive from technical school.
During that time, I've developed a couple of topics that have really hit home for me as I observe how careers unfold, and the topic of financial responsibility quickly rose to the top of my list.
From the time I entered the Air Force, until the time I became a technical sergeant, I never paid much attention to my financial situation. That's not to say I didn't pay my bills, I did. But I never considered the importance of establishing some sort of financial plan for my future. Now that I've made my mistake and am able to look back on it, here's what I advise new Airmen to do.
"As soon as your GI Bill is paid off, start sending that $100 a month into some kind of retirement account, whether it's the Thrift Savings Plan or your own Roth Individual Retirement Account."
The trick to retirement savings isn't necessarily putting away a lot of money every month, it's getting started early. If I had known what $100 a month would eventually mean to me in retirement back when I paid off my GI Bill, I'd have nearly $100,000 more in my retirement account. That money is lost for me now, my opportunity is gone.
Thankfully, a coworker sat me down a few years back and asked me some hard questions. He helped me understand that it's going to take more than just social security (if it's still available) and my military retirement for my wife and I to enjoy our "Golden" years. I'd like to have enough money coming in so we can take a trip or two every year to visit our grandchildren and throw in a cruise once in a while too. I certainly wouldn't get there the way I was handling my finance. But now, I'm convinced my wife and I will be in great shape when we decide to officially retire and just enjoy our time together.
If you're like I was and have been in the Air Force for a while and still haven't started saving for your future, now' s the time. All of us will grow old one day and the decisions we make today will impact our quality of life when we'd really like to relax. So do a little homework. Find a retirement plan out there that you're comfortable with and start saving a little every month right now.
My hope is that you'll get started early enough that you truly can relax and enjoy those retirement years. Who knows, maybe we'll see you in the Bahamas somewhere. I'll be the old guy in scuba gear.