Photo By Scott Sturkol | Fort McCoy Army Community Service (ACS) Director Kevin Herman and ACS Financial...... read more read more
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At the beginning of every new year, many Americans might add new financial goals as part of their resolutions to improve their lives.
Bobby T. Kim, the Fort McCoy Army Community Service (ACS) Financial Readiness Program manager, said he’s ready to help installation community members with those goals.
Kim began working at ACS in June 2019. He also serves as an Army Emergency Relief officer. He’s a retired Soldier and said he “loves working in finance.” He has a bachelor’s degree in finance with Columbia Southern University of Orange Beach, Ala., and is certified by the Association for Financial Counseling and Planning Education.
At Fort McCoy, Kim discussed what he offers in financial training and support for the installation community.
“I offer monthly financial classes to the community along with one-on-one financial counseling for the service members and family members, Department of Defense civilians, and military retirees,” Kim said. “Also, as the primary Army Emergency Relief officer, I assist emergency financial assistance to active-duty Soldiers, Reservists on Title 10 for more than 30 days, and military retirees.”
According to ACS, the Financial Readiness Program is a great resource for information on money matters. Topics that Kim can help with include banking and credit union services, budget development, record keeping, debt liquidation, use of credit and debit cards, consumer rights and obligations, insurance, identity theft prevention, recognition and recovery techniques, and overall personal financial readiness.
With the new year, Kim said people should take some time to review their financial picture and set some goals.
“Start with financial goals that are attainable and take baby steps as 90 percent of our financial actions are about behavior,” Kim said. “Look at all of your debts and try to pay off the debts faster as you are saving money from interest rate payments, especially with credit cards.
“Also strive to be debt free as interest rates are free money for the credit card companies and the banks,” Kim said. “Live on 80 percent of your paycheck and always put away 10 percent for retirement and 10 percent for emergency savings. Use cash as it is ‘king’ and will tempt you to spend less.”
One thing everyone can do in the new year, too, is work on building retirement savings.
“Federal employees should start retirement contributions to the Thrift Savings Plan as soon as possible and make sure to get the matching 5 percent as it is free money,” Kim said. “You can’t beat 100 percent return on investment. We have half of Americans struggling today in retirement, and it makes me sad because they made no retirement plans when they were younger. Social Security does not pay you enough money to live a decent life in retirement, and the future of Social Security is not clear from Congress.
“Start making emergency funds of three to six months of living expenses. Put away 5 to 10 percent or more into a retirement account now so you will see all the benefits when you are ready to retire from your job.”
For additional information about what Kim can help with, or what ACS can help with, go online to https://mccoy.armymwr.com/programs/army-community-service.
Located in the heart of the upper Midwest, Fort McCoy is the only U.S. Army installation in Wisconsin.
The installation has provided support and facilities for the field and classroom training of more than 100,000 military personnel from all services each year since 1984.
Learn more about Fort McCoy online at https://home.army.mil/mccoy, on Facebook by searching “ftmccoy,” and on Twitter by searching “usagmccoy.”
| Date Taken: | 01.24.2020 |
| Date Posted: | 01.24.2020 11:26 |
| Story ID: | 360248 |
| Location: | FORT MCCOY, WI, US |
| Web Views: | 117 |
| Downloads: | 0 |
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