Save to retire
Savers with a plan can be over twice as likely to save successfully for things like retirement. Retirement was reported as the top savings goal for Military Savers, according to our 2017 Military Saver Survey. Beginning January 1, 2018, service members who are eligible for the new Blended Retirement System will be able to begin opting into the new system. But before they do so they need to make sure they are fully educated on all of their retirement options. Military Saves, in collaboration with the Department of Defense’s Office of Financial Readiness has put together a Five-Step Blended Retirement System Checklist to Success.
Save the easy way…automatically
It can be hard to put aside money for savings, but there is an easy way to encourage service members to save money without ever missing it by making their savings automatic in 2018. Have them set up an allotment from their pay via myPay, preferably to an account that is separate from their regular checking. Or service members can use their banking institution’s bill pay system to automatically transfer money from their checking account to a separate savings account.
Save as a family
Good savings habits start at home. Whether a family is budgeting, saving, making retirement decisions, or assessing workplace benefits, service members should share the choices they make with their children, no matter their age. It’s never too early to learn the habit of saving!