National Financial Capability Month – April 2015
In recognition of National Financial Capability Month, the D.C. Department of Insurance, Securities and Banking is offering free financial health assessments and personal finance resources to improve the financial literacy of the city’s residents. See below for access to resources and information.
DISB and Bank on DC are offering a free personal financial health assessment to any D.C. resident or District Government employee through LifeCents, a comprehensive personal financial wellness program. LifeCents is a web-based program designed to help evaluate, understand and improve financial health. It also connects participants to resources specific to their individual financial needs and goals. The program can be accessed here. If you have any questions about LifeCents, contact Sybongile Cook.
Saving for Retirement
In recognition of National Financial Capability Month, the department joins 25 other states to participate in the National Retirement Planning Week, April 13-17, to share resources on planning for retirement. The goal is to encourage District residents and employees to think about planning for retirement and to create comprehensive retirement plans. See below for resources.
- Five Tips for Building Retirement Security
- Tools for Retirement: Is an Annuity Right for You?
- More resources at: www.retireonyourterms.org
District of Columbia Government Employees
Did you know that if you are a District 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 Voya Financial at this link.
Dash for the Stash
DISB is joining five other state regulatory agencies in the "Dash for the Stash," a pilot investor education program co-sponsored by the Investor Protection Trust, a non-commercial source of investor education. The "Dash for the Stash" program is a scavenger hunt where participants look for four posters with important savings and investment information at DC Public Library locations and other participating venues available here from April 15 through May 15. Participants submit responses to questions based on the information in the posters. Persons who submit correct answers for all four posters will be eligible for a drawing. The winner(s) in each state will receive a $1,000 contribution to his or her individual retirement account. For program rules click here [PDF].
Option for Tax Savings
The DC Earned Income Tax Credit (EITC) 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. The DC EITC program, modeled after the federal program, is the second largest state-level EITC in the nation, and can provide significant tax relief to residents with very low incomes. While approximately 50,000 District residents claim federal EITC dollars and more than 46,300 claim DC EITC funds, many residents still do not avail themselves to these available dollars. The DC Fiscal Policy Institute estimates that there are still roughly 7,000-11,000 EITC-eligible District residents who may not be claiming the federal or local credit, and an additional 3,600 who claim the federal credit, but not the local EITC. For more information and to see if you qualify, follow this link.
Personal Wealth Estimator
The personal wealth estimator is a financial calculator that can determine your current net worth and can help you determine your future net worth based upon your personal preferences.
Home Wealth Estimator
The home wealth estimator is a financial calculator to determine the current equity in your house or condo and to estimate future home wealth based on your mortgage.
Social Security Retirement Estimator
The retirement estimator is a calculator provided by the U.S. Social Security Administration to get an estimate of your retirement benefit based on your actual Social Security earnings record.