Investments for BCs/C4Cs

Discussion in 'Air Force Academy - USAFA' started by purple2blue300, Jun 5, 2011.

  1. purple2blue300

    purple2blue300 New Member

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    Hi All,

    I haven't been able to find the information I've been looking for on retirement savings programs for incoming Candidates and current Cadets. I currently am rolling my 401k money from a previous employer to an IRA. Does anyone have an idea if the Academy/(some other agency) has a retirement contribution plan in place once the paychecks start coming and I am financially sound enough to contribute? I don't exactly know how this works.

    Also, with Armed Forces Bank, can we switch our funds over to USAA after a certain point?

    Thanks So Much!
     
  2. Downfall75

    Downfall75 USAFA Cadet

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    Once you open a USAA account, log onto mypay and change the routing number/account number to your USAA account. The wages will start going into that account at the end of every month. Then you can just transfer your remaining funds from AFBank to USAA and close that account.
     
  3. buffalo

    buffalo USAFA 2013

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    As a cadet, probably your best bet for retirement investments would be to open up an IRA with USAA (or whichever financial company) and contribute to that.
     
  4. eagle36

    eagle36 USAFA Alumnus

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    The military will not match contributions like some companies do. However, if you put in 20 years and retire, you will receive payment and benefits until you die. If you're looking to do something for yourself (which I recommend you should), then starting an IRA is my recommendation. Many cadets (myself included) used the cadet loan from USAA (during junior year) to start our investments. I maxed out the IRA for a couple years with it, and now put part of my monthly paycheck to it ever month now that I make more money (as an officer)
     
  5. fencersmother

    fencersmother Founding Member

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    I believe my kids have IRAs too, through USAA (not sure on that). Good idea to start young and pay yourself first!
     
  6. housailor

    housailor Member

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    It is also my understanding that cadets get investment advice when they take Economics at USAFA.
     
  7. missmuff

    missmuff Member

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    You can open a USAA account as soon as you're out of Basic, and you can use it for direct deposit. However, you cannot close your Armed Forces bank account until halfway through your sophomore year. In order to keep this account free, you need something like $200 sitting in it.

    Like the others said, I recommend switching over your direct deposit to USAA as soon as you can and opening an IRA with them. I was not able to max out my IRA freshman year, but I did make contributions and I have maxed out every year since then. They have financial advisors on salary who you can call and talk to for free, and they are very helpful.
     

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