building savings

From the President: Tax-time Savings Bonds: Stay within Asset Limits to Preserve Public Benefit Eligibility

Written by Dory Rand on January 27, 2011 - 12:00am

Tax refund time is an important opportunity to build savings, particularly for low-wealth households who receive the Earned Income Tax Credit (EITC). The Earned Income Tax Credit for lower-wage workers ranged from $457 to $5,657, based on household size, in 2009. The IRS form 8888 allows tax filers to purchase savings bonds up to $5,000.

Why we must modernize CRA: We can’t tell if all communities have access to basic banking services

Written by Tom Feltner and Katie Buitrago on August 27, 2010 - 10:17am

Bank branches play an important role in providing access to retail banking services, such as basic checking and savings accounts. Regulators measure how banks are doing in providing access to retail banking services on the CRA service test.

Teach Children to Save Day helps encourage savings at a young age

Written by Illinois Asset Building Group on April 27, 2010 - 12:00am

Until recently, the personal savings rate in the U.S. was negative 0.5 percent.  Children need to be taught the importance of savings early.  Governor Quinn is appointing a Task Force mandated to explore the development of a plan for instituting the children’s savings accounts.

Pilot savings program shows potential of universal, statewide children’s savings plan

Written by Tom Feltner on April 20, 2010 - 12:00am

The task force is charged with developing recommendations for a universal, statewide children’s savings plan which could help ensure that all Illinois children have the opportunity to build assets. Opened at birth and linked to financial education, the accounts would offer youth and their families the tools and incentives to accumulate savings.  The proceeds could be used for long-term goals such as college or post-secondary training, buying a home, starting a business, or retirement.

Disability benefits program should encourage, not penalize, savings says new proposal

Written by Tom Feltner on April 5, 2010 - 12:00am

One recent proposal, introduced by Congresswoman Tsongas (D-MA) and Congressman Petri (R-WI), promises to remove the savings disincentive.  Currently, potential SSI recipients are disqualified if they have as little as $2,000 in savings for an individual or $3,000 for a couple and are required to spend down retirement savings. The SSI Savers Act of 2010 (H.R.

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