5 Tips on Building Financial Security for People with Disabilities
If you are a person with a disability entering the workforce, you probably have a lot of questions about your new job and your financial security.
During America Saves Week 2020, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) and its Office of Disability Employment Policy (ODEP) are sharing tips on achieving your financial goals.
Here are five things you should know:
- Planning is key. EBSA has resources for everyone on financial planning, including worksheets on budgeting and managing debt. Assess your financial fitness and create or strengthen your plan today.
- Not sure how to move from disability benefits to employment while achieving financial independence? An ABLE account, which is a tax-advantaged savings accounts for individuals with disabilities, might help you save for some of your goals without impacting disability benefits.
- Saving automatically is one of the most effective ways to build an emergency fund, save for retirement, or achieve any other financial goals. Ask your employer whether they offer direct deposit and how it would work for you.
- Your employer’s retirement savings plan is an essential part of your future financial security. Understand how your plan works and what benefits you will receive.
- Make the most of your workplace-provided retirement plan. Use our savings fitness worksheets to see where you are today and how much to save each year as a percentage of your current salary.
Want to learn more? Join our free webcast with America Saves, the National Disability Institute and the ODEP-funded LEAD Center on Thursday, February 27, from 2:00-3:30 p.m. Eastern Time.
Workers and employers with questions about workplace benefit plans can contact EBSA online or by calling 1-866-444-3272.
For more information about disability employment resources for workers and employers, visit ODEP’s website. Throughout this year, ODEP is celebrating the 30th anniversary of the Americans with Disabilities Act with events like this one, new compliance assistance resources, and more.
Jeanne Wilson is the Principal Deputy Assistant Secretary for Employee Benefits Security. Jennifer Sheehy is the Acting Assistant Secretary of Labor for Disability Employment Policy.