DISB is participating with Capital Area Asset Builders in the DC Saves Campaign to encourage District residents to make saving a priority
The District of Columbia Department of Insurance, Securities and Banking (DISB) and its Bank on DC program are participating in the DC Saves Week campaign from February 22 to February 27 to encourage District residents and government employees to save money and improve their saving habits.
DC Saves is a part of America Saves Week, a national annual campaign that is organized by Consumer Federation of America and the American Savings Education Council to help people create savings plans, save more, reduce debt and build wealth. DC Saves is organized locally by the Capital Area Asset Builders (CAAB), a nonprofit dedicated to people improving their money management skills and building wealth through saving and wise investing.
This year for DC Saves, the department is encouraging District residents to review their financial situation and if they do not have a savings account or a formal banking relationship take a moment this week to work on opening an account. On average, those without a formal banking relationship spend $800 a year. This savings in money could support goals to fund college, retirement, emergency or other needs.
Throughout the week, the department and CAAB will post savings resources on this page and share savings tips through social media. To get the tips directly, follow us @DCDISB or like us on Facebook.
Press Release, Feb. 22, 2016: DC Residents are Encouraged to Open a Bank/Credit Union Account, Set a Savings Goal, Make a Savings Plan and Save Automatically
Small Change, Big Savings Calculator
This calculator provided by ICMA-RC shows how giving up a few everyday items can add up over time and increase your savings.
Saving for Retirement
Did you know that if you are a DC Government employee you can save for retirement by making tax-deferred contributions directly from your paycheck? You can contribute as little as $20 a paycheck. See the details about the District’s 457b Deferred Compensation Plan from ICMA-RC at this link.
Make a Savings Plan
Did you know that if you create a savings plan you are twice as likely to reach your goal? To start your savings plan, join the Pledge to Save campaign by America Saves. To take the pledge, click here.
Option for Tax Savings
The DC Earned Income Tax Credit campaign helps low-to-moderate income tax payers keep more of what they earn. When the earned income tax credit exceeds the amount of taxes owed, a refund is provided to those who claim and qualify for the benefit. The credit basically reduces the amount of tax you owe which may result in a refund. District of Columbia residents can claim the tax credit on both their federal and state income taxes. The campaign is managed by the Capital Area Asset Builders. For more information on DCEITC, click here.
Social Security Retirement Estimator
The retirement estimator is a calculator provided by the US Social Security Administration to get an estimate of your retirement benefit based on your actual Social Security earnings record.