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Personal Financial Readiness

SAMMY RABBIT VISITS PETERSON AFB

Sammy Rabbit (Sam X Renick) came to Peterson AFB on April 30, 2018.  Sammy visited the Youth Center and the CDCs in support of Month of the Military Child.  This event was hosted by the Personal Financial Readiness section of Peterson AFB Airman & Family Readiness Center.

Sam X Renick is the driving force behind Sammy Rabbit, the Dream Big Read and the Dream Big Club. Sam is dedicated to empowering kids’ dreams and improving children’s financial literacy through the development of great habits and strategic life skills.

When it comes to kids and money, Sam is the ‘real deal!’ Sam has an unparalleled wealth of field experience. Great money habits give all kids a better and brighter future!  Sam’s Vision and Big Dream is to grow Sammy Rabbit into a global source and force for big dreams and great habits, especially money habits. Sammy’s vision and objective are to develop generations of children who possess and practice great habits, are self-sufficient, and capable of making their big dreams come true!

Click here to see the video of Sammy Rabbit at Peterson AFB.

Additional information and videos from the visit to Peterson AFB will be posted Sammy Rabbit’s website:  https://sammyrabbit.com/

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 SYSTEMDoD seal

The new Blended Retirement System (BRS) is now in place as of 1 January 2018.  Those military personnel grandfathered under the old Legacy Retirement System who wish to remain under the Legacy System do not have to do anything other than completing the BRS Opt-In Course!  The BRS Opt-in Course is mandatory to ensure all eligible personnel as aware of their options.

Eligible personnel wanting to enroll into the new BRS must go to:  mypay.dfas.mil using their CAC or password to enroll.  The enrollment period is from January 1 – December 31, 2018.  Be aware, the earlier you enroll, the quicker you start receiving your matching funds if you’ve met the vested requirements of two years in service.

HISTORIC INFORMATION LEADING TO THE BRS:  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

Policy Highlights:

  • 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.
  • For BRS Resources go to: http://militarypay.defense.gov/BlendedRetirement/
  • For more information, please call the Personal Financial Readiness office at A&FRC, 719-556-6141.
  • All Service members who enter the military on or after January 1, 2018, will automatically be enrolled in BRS.

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 21fss.fsfr@us.af.mil. 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 21cpts.fmfc@us.af.mil. If you have an inquiry regarding your civilian pay, please contact the Civilian Pay Help Desk at 719-556-4765 or email them at petecivpay@us.af.mil.

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. Click here for Understanding Your Thrift Savings Plan information sheet. For additional perspective, this Thrift Savings Play: Fund Comparison Matrix might be helpful.
 
 

 

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