All Federal employees must be educated on the need for retirement savings and investment.

The Department's financial education strategy is designed to provide our employees with a framework for analysis and decision-making so that you can achieve your retirement goals. We want to provide you with information on how to plan for retirement and how to calculate the retirement investment needed to meet your retirement goals.

The information you need to achieve your financial goals include:

• understanding your Federal benefits, such as the amount of your retirement benefits, life insurance, health insurance, long term care insurance, and the Thrift Savings Plan;
• achieving financial security, such as the basics of investments and investing, calculating retirement income needs, financial planning, and credit management;
• retirement health, such as medical and long term care needs;
• retirement lifestyle, such as post-retirement work and leisure activities, relocation, and housing options; and
• estate planning, such as wills and survivor benefits.

We will help you identify your needs and assist you in locating resources where you can gain the information and knowledge you need to address your needs.

The Department has begun addressing the need for financial education by arranging guest speakers to present topics of interest to you, such as Thrift Savings Plan, Saving for Your Future, Long Term Care Insurance, and Identity Theft, as well as hosting financial education fairs. When the Office of Personnel Management unveils its Retirement Readiness Index, Education Resource Guide, Savings Goal Worksheet, and Understanding Your Benefits Workshop, these educational tools will be made available to you to assist in your financial education.

Here are just a few of the tools and resources that you may find useful concerning financial education:

American Savings Education Council

The American Savings Education Council (ASEC) (www.asec.org), in an effort to create a better understanding of savings issues, has developed user-friendly educational materials to educate Americans on the need to save. To see what tools and resources are available for you, visit ASEC's Saving Tools and Resources at www.asec.org/toolshm.htm.

Ballpark Estimate (www.asec.org/ballpark) - An easy-to-use, one-page worksheet designed to help individuals quickly identify approximately how much savings they will need to live comfortably in retirement.

Interactive version of Ballpark Estimate (www.choosetosave.org/ballpark/index.cfm?fa=interactive) - complete the worksheet online and let the computer do the math.

InCharge(r) Education Foundation

The InCharge(r) Education Foundation (www.inchargefoundation.com) is a national nonprofit organization that specializes in personal finance education and research. Other websites that might be of interest are:

• www.inchargeradio.com
• www.Militarymoney.com
• www.Youngmoney.com

Other Resources

There are many resources available to help you learn how to invest wisely and how to plan for your financial future. The following are just a few:

Department of Treasury - www.opm.gov/benefits/savings/TreasRcs.asp
Federal Trade Commission - www.opm.gov/benefits/savings/ftc.asp
Securities and Exchange Commision - www.opm.gov/benefits/savings/sec.asp
Federal Citizen Information Center - www.opm.gov/benefits/savings/fcic.asp

College Savings Plans

College tuition rates are rising at record levels…Get a head start with Section 529 state college savings plans and help your children achieve their dreams. All 50 states and the District of Columbia offer 529 Plans.

Now, no matter what state you live in, there is a 529 program available for you to begin investing in now. Most Section 529 state college savings plans allow parents, grandparents, other relatives, and friends to contribute to a child's higher education fund. The plans provide tax benefits and offer the opportunity for long-term growth. Grandparents can set up and manage accounts in the same manner as parents. The contributor maintains control over the funds until they are needed, and ensure that the money will only be used for higher education-related expenses. By starting to save today, parents and grandparents can help their loved ones have the resources necessary to attend college.

Before starting an account, you should research the various plans currently available. There are many options available, and each plan is unique. You should look for the investment strategies, tax benefits and other incentives that best suit your needs and those of the beneficiary. For information on your state's plan, and plans from around the country, visit their web sites, which offer easy access to relevant information.

• Maryland's college savings plan site is http://www.collegesavings.org/locator/529locator.asp?state=MD



• The District of Columbia's website is http://www.collegesavings.org/locator/529locatorDetails.asp?ID=67



• Virginia's college savings plan website is http://www.collegesavings.org/locator/529locator.asp?state=VA

For more information concerning the benefits of college savings plans, please visit the College Savings Plans Network at http://www.collegesavings.org/

Miscellaneous

There are many other resources available to help educate yourself (and your family) so that you can begin to prepare for your future.

Jump$tart Coalition for Personal Financial Literacy (www.jumpstart.org)
The Jump$tart Coalition seeks to improve the financial literacy of young adults. Their goal is to ensure that America's students have the skills and knowledge to be financially competent upon graduation from high school.

Administration on Aging (AoA) (www.aoa.gov)
The Department of Health and Human Services' Administration on Aging focuses on the support, caregiving, and education for older Americans. Their mission is to promote the dignity and independence of older people and to help society prepare for an aging population.

Social Security Administration (www.ssa.gov)
Learn more about your Social Security benefits. On their website you'll find everything you need to know about Social Security benefits from how the program was started to how your benefit is computed.

Choose to Save
The Choose to Save public education program's goal is to educate the public so that we are all aware that saving today is vital to a secure financial future. If you want to Choose to Save, visit them at www.choosetosave.org.

Federal Reserve Board
Consumer Information from the Federal Reserve Board can be found at www.federalreserve.gov/consumers.htm.

Financial Security in Later Life (http://www.csrees.usda.gov/ProgView.cfm?prnum=4995)
The USDA's Cooperative State Research, Education and Extension Service can help you prepare for retirement and potential long-term care by providing you with information and educational programs so you can learn to plan, save, and control your debt. See their website to help you improve your personal finance behaviors leading to financial security later in life.

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