September 2015

Planning for the future is not easy. Many of us are so busy in our daily lives that we feel that we don't have the bandwidth to think past next week. This is true for our financial futures as well. A study by the Government Accountability Office reported that among households age 55 and older, about 29% have neither retirement savings nor another retirement benefit plan (such as a pension). Without saving for these future expenses, it can be difficult to maintain the same lifestyle once you leave the workforce. Similarly, even with Medicare, many people find that they still need savings to cover medical related costs (co-pays, deductibles, prescriptions, etc). So the more you can save and prepare for the future the more you can enjoy your retirement. This month we bring you three articles about different investment accounts that can help you save for your future.

Retirement Savings Made Easy with the myRA Program
Tax-Free Savings Accounts for People with Disabilities
Save for Future Health Care Expenses with an HSA

We also have an announcement for Home Forward's open enrollment period for the wait list for subsidized apartments at three community housing buildings.

All the best,

Innovative Changes

Credit Tip of the Month

It can be tempting to apply for a store credit card to get a discount when shopping, but every time you apply for credit, an inquiry is added to your credit report. Try to have 2 or fewer inquiries per year by not applying for credit you don't need!

Interested in learning more about how to safely build credit? Attend a credit builder loan orientation!

Retirement Savings Made Easy with the New myRA Program

By Stephanie Sampedro

Last year in his State of the Union address, President Obama announced a plan to start a retirement savings account program for the roughly 50 million Americans who do not have access to an employer-based retirement savings account. The myRA program has been slowly rolled out through a pilot program and is now available for any American with an annual earned income of less than $131,000. The account was designed to serve people that do not have access to 401Ks, are afraid of losing money from an investment account, and those who want to start saving but don't know where to begin. It is modeled after a traditional Roth IRA account, and once you save $15,000 in your myRA you can roll those funds into a private-sector Roth IRA to continue saving for your retirement.

Continue reading about how you can set up a myRA.

Tax-Free Savings Accounts for People with Disabilities Coming to Oregon October 5th!

By Brian Smith

Introduced in 2006 and signed into law by President Obama last year, the

Achieving a Better Life Experience (ABLE) Act is being steadily implemented by states across the country and will continue to do so throughout 2016. The act allows those with disabilities and their families access to tax-free savings accounts for disability-related expenses.

Continue reading about the ABLE Act!

Save More for Future Health Care Expenses

By Katie Kasabian

One of the biggest and most unpredictable costs of retirement is paying for health care. One way to prepare for future medical expenses during retirement is through a health savings account (HSA). HSAs were created so that individuals covered by high-deductible health plans could receive tax-preferred treatment of money saved for medical expenses. If you have a high-deductible health plan, a HSA is a great way to financially prepare for retirement.

Continue reading about how HSAs can benefit your future.

Join the Waiting Lists for Subsidized Apartments at Three Communities hflogo

Home Forward will be accepting applications for the waiting lists for studios at Hollywood East, one bedroom apartments at Gallagher Plaza and Northwest Tower Annex from September 23-26, 2015. Applications can be filled out online, using any internet-connected com

Visit their website to view the guidelines and process.