Washington, D.C. – In recognition of America Saves Week, the District of Columbia Department of Insurance, Securities and Banking is reminding District residents and service members of financial tools that help make saving money a priority.
America Saves Week, and by extension Military Saves Week, is recognized Feb. 27 to March 4. Both are national initiatives designed to encourage good savings behavior and a chance for individuals as well as service members and families to assess their own saving status.
“As we continue to build pathways to the middle class, the Bowser Administration believes it is vital to start with a solid foundation that includes not only responsible spending but a healthy savings account. In the District, 41 percent of households don’t have enough savings to live above the poverty line for three months. It’s a startling statistic that we believe must be tackled head on in order to make the District a financially fit city,” said DISB Commissioner Stephen C. Taylor.
As part of this effort, DISB is reminding residents to take part in Financially Fit DC, a comprehensive financial wellness program that will empower all District residents to take control of their financial well-being and to make the District the most financially fit city in the nation. A component of the program is an interactive online tool that will help residents assess their financial fitness, create a workable budget and plan for retirement. To sign up, go to welcome.financiallyfitdc.com.
DISB also encourages residents who might be unbanked or underbanked to utilize the Department’s Bank on DC program, which provides access to low-cost, safe financial accounts, products and services and high-quality financial education. To learn more, go to bankondc.org.
In recognition of Military Saves Week, DISB, in partnership with the Investor Protection Trust (IPT) and the Investor Protection Institute (IPI), encourages members of the U.S. Armed Forces to access the updated edition of the Kiplinger’s Financial Field Manual: A Personal Finance Guide For Military Families which was released in anticipation of Military Saves Week.
Men and women who join the armed forces between 2006 and the end of 2017 will face a new challenge: Whether to stick with the previous retirement system or choose a new, blended plan that includes both a pension and contributions to the government’s Thrift Savings Plan. Those who enlist in 2018 and later years will automatically go into the blended system.
Available online at www.investorprotection.org, the Financial Field Manual also helps military members and their families make the most of the special financial benefits open to them, including tax breaks, low-cost investments, legal protections, education opportunities and insurance programs.
To learn more about DISB, go to disb.dc.gov or follow on Twitter @DCDISB.