AFDW Chaplains help Airmen SAVE

Published June 23, 2010
By Airman 1st Class Susan Moreno
11th Wing Public Affairs

AIR FORCE DISTRICT OF WASHINGTON -- Air Force District of Washington Chaplains are working to help Airmen SAVE -- as in money toward retirement.

SAVE -- 'Setup A Victorious Ending' -- is an Air Force Year of the Family-inspired program that targets junior enlisted Airmen and company grade officers. It encourages them to take their financial futures into their own hands and begin putting money away at the genesis of their careers, and make saving an ingrained part of their lifestyles.

Chaplain (Capt.) Ruth Segres, 11th Wing chaplain, is the project coordinator for the SAVE program on Bolling AIr Force Base, Washington, D.C.

"Here is what I know: eventually, your time of service will end, and you will either separate or retire. You have the grand opportunity now to start writing your ending," she said during a recent briefing for Airmen on Bolling. "Today we are going to look at two ways to set up a victorious ending through financial fortitude either through a personal savings account or through a Thrift Savings Plan."

The Thrift Savings Plan is a U.S. government-managed, 401k-type payroll-deduction program designed to provide a tax-deferred retirement plan for service members and federal civilian employees.

Military members can contribute any whole percentage up to 92 percent of basic pay, as long as the annual total of the tax-deferred investment doesn't exceed $16,500 for 2010. If contributing from basic pay, Airmen may also invest all or part of their bonuses, special pay or incentive pay.

Chaplain Segres pointed out there is no reason Airmen can't treat themselves once in a while--but it should only be once in a while, or else it isn't a 'treat,' and it should be something affordable, she said.

She then offered a personal anecdote about when she bought herself a motorcycle.

"The motorcycle was something I could afford because I saved money for it, and I didn't incur another bill," she said. "I still had my monthly bills and student loans, but I was still able to save money."

She encouraged attendees to set up a direct deposit from checking to savings and then forget it.

"Saving takes discipline and sacrifice," she said. "You have to be very deliberate about it. Give thoughtful consideration to how much you can afford to set aside. Starting small is better than not starting at all."

With TSP enrollment rates for Airmen being the lowest across all service branches, Chaplain Segres reiterated that when 'life happens,' people need to be financially prepared for the unexpected, so that they aren't left to 'start over' in the aftermath.

She also hopes that the new program will take off at the Air Force level, ingraining the practice of saving into Air Force culture, she said.

"With this program, we're trying to broaden the Wingman concept," she said. "We're trying to encourage Airmen to help look out for each other's futures as well as other areas of their lives."