Military Saves Week at Maxwell Published Feb. 26, 2015 By Airman 1st Class Alexa Culbert 42nd Air Base Wing Public Affairs MAXWELL AIR FORCE BASE, AL -- Military Saves Week is an annual opportunity for installations to encourage military members and their families to save money, reduce debt, build wealth and plan for the future. For Military Saves Week, which ends Friday, the Airman and Family Readiness Center hosted classes and events focused on saving money that targeted individuals from all age groups. "It is important for military members and families to focus on practicing sound financial habits because, essentially, financial readiness brings about mission readiness," noted Twanfran Jackson, AFC®, the center's financial readiness consultant. "If a member has adequate savings, little to low debt, and a plan for his financial future, it will not be a challenge for him to direct all efforts toward accomplishing the mission." The first class focused on saving toward a retirement plan. Dr. Kylle' McKinney, Social Security Administration public affairs specialist, briefed Airmen during the "Taking a Closer Look at Social Security" workshop Monday. For some, retirement is far into the future and for others it is right around the corner. McKinney explained why it is important for Airmen to start thinking ahead. "Social security is only one of the blocks necessary for retirement," he said. "Financial experts say that at least 60 percent to 80 percent of present income must be saved by the individual, because social security only provides about 40 percent of the retirement fund." An "Ask the Experts" class took place Wednesday and Thursday, allowing Airmen to obtain advice from financial experts. A "Protecting the Investor" workshop is scheduled for Friday from noon until 1 p.m. Guest speaker Michael Ashmore from the United States Security and Exchange Commission will be at the AFRC to provide information on investing and how to better protect oneself from common scams. Military Saves Week is not only for adults; young children were also included in program events. Classes targeting the younger generation, such as "Story Time with Penny the Pig" and "Let's go Shopping," taught them the difference between needs and wants. The "Teen Money Matters" class taught teenagers about gross versus net income and other money managing skills. "It is necessary for the younger generation to be money conscious because if children are exposed to financial literacy during their primary years, there is a greater chance they will continue smart money management when they become adults and avoid costly mistakes," noted Jackson. To end Military Saves Week, Saturday, at the Maxwell Base Exchange, those who pledge to save money will be given their credit report and credit score for free. "The overall goal for Military Saves Week at Maxwell is to provide financial education and awareness," said Jackson. "Every event and workshop offered promotes either financial education on savings, debt, planning for the future or awareness on how to become wiser in dealing with your financial affairs."