Financial Planning Month

October is Financial Planning Month

In the month of October, Carlisle Barracks Army Community Service (ACS) Financial Readiness Program wants to remind you of the importance of financial planning!

• A financial plan assesses your current financial status, establishes goals for your future and creates a path to help you reach those goals.
• The free DoD financial literacy app, Sen$e, can assist you at each touchpoint in your military career, from initial entry training to retirement. The app includes financial tools and resources like interactive games, calculators, and quizzes to help you deepen your financial journey.
• Once you've created your financial plan, you're next steps should include:
  • Receiving a referral to meet with a free, accredited Personal Financial Counselor by calling ACS Financial Readiness at 717-245-4357. They can help you learn more about setting and reaching your long-term financial goals.
  • Taking advantage of all the free financial planning tools available to you at Investor.gov and MilitaryOneSource.mil.

During Financial Planning month, Carlisle Barracks Army Community Service (ACS) Financial Readiness Program wants to remind you that it’s never too early to start planning for retirement. Here's how you can maximize your retirement benefits:

• Calculate your current Thrift Savings Plan (TSP) balance and how much you will need to contribute to a separate retirement plan when you leave the military to meet your goals.
• Review recent TSP statements and ensure contributions are being allocated where it is beneficial for growth based on your investing timeline.
• Remember, in most cases, you must wait until age 59 ½ before you can withdraw from your TSP without early withdrawal penalties.
• Receive a referral to meet with a free, accredited Personal Financial Counselor by calling ACS Financial Readiness at 717-245-4357.

Here are some additional resources you might find useful:

FINRED — "Retiring from the Military: Expectations vs. Reality"

MilSpouse Money Mission — "Plan to Retire"

During Financial Planning month, Carlisle Barracks Army Community Service (ACS) Financial Readiness Program wants to remind you about the importance of investing:

·       The main difference between saving and investing lies in when you need your money and where you'll be putting it. Generally, saving is when you put money away for short-term needs, like day-to-day expenses or an emergency fund.

• While bank accounts are very safe, they generally don't earn much interest. To reduce the impact of higher inflation or to make your money grow over the long term, you need to invest.

·       Make sure your investments align with your needs and goals. It's important to regularly reassess and rebalance your portfolio as these may change with important life events, such as marriage, birth, promotion or transition out of the military.

• Receive a referral to meet with a free, accredited Personal Financial Counselor by calling ACS Financial Readiness at 717-245-4357.

Here are some additional resources to assist you:

FINRED — "Identifying Saving and Investing Opportunities"

FINRED — "Investing Microlearning" video series

Military OneSource — "Tools to Help you Save for the Future"