Public Benefits and Work Supports
PASS as Protected Savings
Do you know any SSI and SSDI beneficiaries who are interested in working and becoming self-sufficient? Sometimes beneficiaries need a way to increase their earnings and save money to reach their goals towards working. A Plan for Achieving Self-Support (PASS) may help them do just that. PASS allows for income and resources, other than SSI, to be saved in an account. The savings can cover costs associated with education, transportation, starting a business or to purchase other approved items. It is estimated that 1.5 million beneficiaries are eligible for this work support. To learn more, visit www.passonline.org.
Your Guide to Retirement Planning
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has created “Savings Fitness: A Guide to Your Money and Your Financial Fitness,” which provides helpful information on how to incorporate retirement savings into an individual’s financial situation. Unfortunately, far too few individuals are putting aside adequate retirement savings or taking advantage of employer-sponsored 401(k) plans. This guide helps a person clarify goals, priorities, and retirement savings needs to achieve a financially healthy retirement.
Taxes and Tax Preparation
Win Big When You Save Your Refund
5 Simple Steps to Savings
Having money to set aside for a rainy day, an unexpected emergency or to purchase an asset provides peace of mind. To help clients set a savings plan, Better Money Habits has published “5 Steps to Get Started with Saving.” This resource provides tips on how clients can begin saving money, such as by placing one percent of their income into savings over the next month.
Find the Best Bank for Your Buck
One way to improve your overall financial well-being is by improving your saving ability. Here’s a tip: when you want to save money, shopping around first is wise. Banks not only pay varying interest rates on savings, but they may also have different terms and conditions for saving and checking accounts. The difference between one bank’s offer of a 0.1 percent interest rate, compared to another’s 1 percent offer can add up. Read "7 Tips for Choosing a Savings Account When Interest Rates Increase" from Bankrate.com to learn more.
Improvements to Earned Income Tax Credit Made Permanent
The Earned Income Tax Credit (EITC) is one of our country’s most effective anti-poverty initiatives, keeping millions of low- to moderate-income workers out of poverty. Its benefits are critical to individuals with disabilities – considering the disproportionate number of Americans with disabilities in poverty, as compared to those without disabilities. Improvements to the EITC, as a result of H.R. 2029, are a significant achievement in the fight against poverty and will allow those with disabilities to more readily achieve and maintain economic self-sufficiency. Visit the NDI website to learn more about the EITC.
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