JOINT BASE SAN ANTONIO-RANDOLPH, Texas –
With the implementation of the Department of Defense’s new Blended Retirement System less than a year away, counselors well-versed in the system’s details are making their presence felt at Joint Base San Antonio Military & Family Readiness Centers.
Personal financial counselors – contract employees who provide active-duty members and their families with no-cost, confidential consultations – not only bring their BRS expertise to the table, they also advise their clients on topics ranging from budgeting and money management to retirement planning and transitioning to the civilian life.
“We are here for all service members and their dependents,” said Courtney Waggoner, a PFC assigned to the JBSA-Randolph M&FRC. “We do not sell any products or services, so there is no pressure or obligation to come talk to us. PFCs simply want to make finances something that our clients have knowledge of so they can make smart decisions to benefit them in their future.”
Flexibility helps PFCs meet their clients’ needs.
Not bound strictly by 9-to-5 working hours, they will meet clients in the evening or during the weekend, Waggoner said.
Although they are based at military and family readiness centers, PFCs are not restricted to the office, said Geremy Chavez, a PFC assigned to the JBSA-Lackland M&FRC.
“That’s another convenience factor,” she said. “We can meet at a library or other public places. We can come to the client as long as it’s in a public location.”
Confidentiality is another advantage, Waggoner said.
“A lot of people don’t reach out for assistance when records are kept,” she said. “We want to reach those folks who wouldn’t come to the M&FRC for that reason.”
PFCs’ financial scope is wide, but the BRS is a “hot topic” at the moment, Waggoner said.
“The new Blended Retirement System is our clients’ most common request right now because the training is mandatory and the opt-in population will be required to make a choice on their retirement option,” she said.
“We’re addressing the opt-in population,” Waggoner said. “That’s a big dynamic group. We encourage people to save and save early.”
One of the advantages of the system is that it addresses the 80 percent of service members who don’t make it to 20 years, Chavez said.
“Now, 85 percent of service members will walk away with some sort of retirement,” she said. “The BRS is meant to address those service members not planning to stay in the service for 20 years.”
Grappling with debt is a common concern for their clients, Waggoner said. The first step is to determine their spending and saving habits.
“Developing a spending plan that works for them is key,” she said. “Coming to an agreement about their spending and ways they can rearrange their money to best obtain their goals is very helpful to them.”
Married couples, Waggoner said, need to better communicate about the way their budget is created and maintained and set mutual goals for their savings and spending.
In addition to one-on-one and family counseling, PFCs augment M&FRCs’ existing financial programs by providing their expertise at group training sessions, workshops and classes on an array of subjects – budgeting and developing spending plans, debt and credit card management, home buying, savings and investments, and taxes, to name a few.
Waggoner and Chavez, who also split duties at the JBSA-Fort Sam Houston M&FRC, will play an important role at JBSA locations during Military Saves Week Feb. 27-March 3. Filled with classes and other activities, Military Saves Week provides education on an array of financial topics and especially promotes good savings behavior.
Waggoner said the best part of her job is the personal interaction she gets with the military community.
“I did not always know what I know now; being able to pass on information and education to others is a huge reward,” she said. “Seeing service members get excited about their finances or seeing hope where they had such stress gives me job satisfaction.
“I believe all PFC's are contributing to financial readiness and resiliency, which is critical to the mission.”
To schedule an appointment with a PFC, call the JBSA Military and Family Readiness Centers – 221-2705 or 221-2418 at JBSA-Fort Sam Houston; 671-3722 at JBSA-Lackland; or 652-5321 at JBSA-Randolph. PFC Stephen Schramka, 238-1161, serves Air and Army National Guard members and their families.