APRIL IS FINANCIAL LITERACY MONTH
The Airman & Family Readiness Center has some fantastic programs in celebration of April as Financial Literacy Month.
Financial Literacy Month (FLM) is meant to raise public awareness about the importance of financial education in the United States and the serious consequences associated with a lack of understanding about personal finances. The Airman & Family Readiness Center conducts several events throughout the month to shine a spotlight on the importance of economic and financial education.
Interesting Facts about Financial Literacy Month (FLM):
- In 2003, the U.S. Senate designated April as Financial Literacy for Youth Month. In March 2004, the Senate passed Resolution 316 that officially recognized April as National Financial Literacy Month, and both Houses of Congress have passed similar resolutions each year since.
- National Financial Literacy Month is sometimes referred to as National Financial Capability Month.
- Financial Literacy Month highlights the importance of financial literacy and teaching consumers of all ages to manage their money wisely, and establish and maintain healthy financial habits.
For more information or to register, call 719-556-6141.
The Personal Financial Readiness Team provides information, education, and personal financial counseling to help individuals and their families maintain financial stability and reach financial goals. Seminars, classes and individualized guidance are offered in the areas of budgeting, credit and debt management, home buying, car buying, saving, investing, consumer protection, and general money management.
Subject-matter experts work closely with Peterson AFB leadership to provide proactive classes and individual counseling in areas of specific need.
For more information about these programs, call 719-556-6141.
BLENDED RETIREMENT SYSTEM
“Eighty percent of our troops leave service before 20 years are up… And in the current system, if they leave before 20 years, they leave with nothing. [BRS] creates a choice that opens up opportunity and allows us to be similar to other [civilian] institutions and therefore competitive with them in getting people to join us and stick with us.” – Defense Secretary Ash Carter
- The Fiscal Year 2016 Nation Defense Authorization Act created a new military retirement system that blends the traditional legacy retirement pension with a defined contribution to Service members’ Thrift Savings Plan account. The new Blended Retirement System goes into effect on January 1, 2018.
- All members serving as of December 31, 2017, are grandfathered under the legacy retirement system. No one currently-serving will be automatically switched to the Blended Retirement System.
- Though they are grandfathered under the legacy retirement system, Active Component Service members who entered the military after December 31, 2005, and Reserve Component Service members who have accrued fewer than 4,320 retirement points prior to January 1, 2018, will have the option to opt into the Blended Retirement System or remaining in the legacy retirement system. The opt-in/election period for the Blended Retirement System begins January 1, 2018, and concludes on December 31, 2018.
- All Service members who enter the military on or after January 1, 2018, will automatically be enrolled in BRS.
- Active Component Infographic
- Reserve Component Infographic
- DoD Blended Retirement System Education Strategy (Coming Soon)
- Introduction to Blended Retirement
- Frequently Asked Questions
- Military OneSource
For more information, please click here or call the Personal Financial Readiness office at A&FRC, 719-556-6141.
Have A Financial Question?
Do you have a financial question you wish someone could answer for you? Your Airman & Family Readiness Center at Peterson AFB can help. One-on-one financial counseling is available to all military members at Peterson AFB. Classes covering areas of finance are held on a monthly basis. For more information, please call 719-556-6141.
Don’t have time to come? Email us your financial questions. We will research and respond to your questions within three business days. Most questions are answered within 24 hours. Email us at email@example.com. Or you may call us at 719-556-6141 (DSN 834-6141).
NOTE: If you have an inquiry regarding your military pay, please contact Finance Customer Service at 719-556-4770 or email them at firstname.lastname@example.org. If you have an inquiry regarding your civilian pay, please contact the Civilian Pay Help Desk at 719-556-4765 or email them at email@example.com.
Personal Financial Readiness Classes Offered at Peterson AFB
Provides education, information and counseling to DoD personnel and their families on a wide range of personal finance topics. Classes are offered on a regular basis. For details, call 719-556-6141.
- Bundles for Babies – Addresses budgeting for baby, investing for the future, calming the baby, and shaken baby syndrome. Open to all ranks and services, but only active duty Air Force, Navy, Coast Guard and Marine Corps families may receive an Air Force Aid Society bundle valued at more than $75. Held quarterly.
- Car Buying – Learn how to get the best deal on a new or used car purchase. Offered to on-on-one or to group class.
- Estate Planning – A will may not be enough to protect your family. Discover why an estate plan can benefit anyone with valuable assets. A must for single parents, mil-to-mil and parents of children with special needs. Held quarterly.
- Financial Planning – You must bring a copy of your Leave and Earnings Statement (LES) and a list of all monthly expenses.
- First Term Airman Center (FTAC) – Mandatory for all first duty station Airmen E4 and below. Topics include checkbook management, budgeting, saving and investing, debt and credit management, and local area consumer issues.
- Home Buying – Find out about real estate financing options, items to consider, the normal process before buying, considerations on choosing a home and much more.
- Investing Today – Discussion of investing terms such as risk tolerance, trade, stock brokering and more. This class highlights why you use different products to meet life goals. There is a heavy emphasis on retirement planning to include information on the civilian and military Thrift Savings Plans. Open to all.
- Small Business Seminar – Learn steps essential to establishing a small business, especially regarding taxes. Conducted by SCORE. A $15 fee for materials may be collected.
- Thrift Savings Plan – Get information on the investing options, retirement plan, and process to get started. Offered as a class or one-on-one.
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