The District of Columbia Department of Insurance, Securities and Banking (DISB) is participating in the DC Saves Week campaign from February 27 to March 4 to encourage District residents and government employees to save money and improve their saving habits.
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.
This year, 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.
Conjointly, DISB is encouraging servicemembers and their families to review their retirement options and goals as changes to the military retirement plan take effect in 2018. The department in collaboration with the Investor Protection Trust, the Investor Protection Institute, and Kiplinger’s Personal Finance Magazine is making available “The Financial Field Manual: A Personal Finance Guide for Military Families. Hard copies are available by request at [email protected].
Throughout the week, the department 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.
Savings Resources
Welcome to Financially Fit DC
A comprehensive financial literacy program designed to empower all District residents to take control of their financial health. For more information, click here.
Savings Calculators
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.