As the military has decided to adopt a new retirement system in the upcoming years, the sailors would now be given financial training throughout their career. The training would train sailors and their families to prepare financially for any situation. It would also teach them on the best methods of retirement savings as well as the key features of the new retirement system that is being adopted by the military. The training would be mandatory at key points of a sailors’ life.
The Key Aspects of Retirement Savings and Financial Training
The key aspects a sailor would learn as a part of this new training program would revolve around how they can deal with financial hurdles, how they can save enough for retirement and how they can make better decisions with regard to the financial future of themselves and their families.
The Message
As a part of the new initiative, the service has released NAVADMIN 161/16 Tuesday, which is the first of several messages that would be expected in the next two years. The name of the new program is Navy’s Financial Literacy Education Program.
The Goal
The key goal of the new training program was shared by the spokesman for the chief of naval personnel Lt. Cmdr. Nate Christensen. He said that the goal of the program is to arm sailors as well as their families with several skills and tools that would help them to make knowledgeable decisions about their financial future.
The Mandate
The new training program makes it mandatory for the sailors to revisit on various occasions like marriage, divorce, childbirth and crucial times of their careers.
The Help
Christensen also stated that this training would help sailors to maintain their financial readiness throughout the time when they serve the military. It would also help them when they transition into a life of a civilian. The Navy knows that the financial readiness of sailors as well as their families, must be maintained in order to sustain mission readiness.
The Training
The new training would incorporate existing training from a variety of points that includes GMT, transition courses, accession training and pre- and post-deployment training. A vital aspect of the training is to educate sailors on the new retirement savings system that will be implemented about one and a half year from now.
