Independence Date: Wednesday, January 24, 2018 Time: 3-4:30 p.m. ET - - PowerPoint PPT Presentation

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Independence Date: Wednesday, January 24, 2018 Time: 3-4:30 p.m. ET - - PowerPoint PPT Presentation

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Ticket to Work: The Pathway to Financial Independence Date: Wednesday, January 24, 2018 Time: 3-4:30 p.m. ET Accessing Todays Webinar You can manage your audio using the audio option at the top of your screen (it will look like a

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Ticket to Work: The Pathway to Financial Independence

Date: Wednesday, January 24, 2018 Time: 3-4:30 p.m. ET

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Accessing Today’s Webinar

  • You can manage your audio using the audio option at the top of

your screen (it will look like a microphone or telephone icon).

  • All attendees will be muted and we encourage you to attend by

choosing “li listen sten on

  • nly

ly” from the audio menu; this will enable the sound to be broadcast through your computer, so please make sure your speakers eakers are re turned on turned on or

  • r yo

your r he headp dpho hones nes are re plu lugge gged d in.

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If you do not have sound capabilities on your computer or prefer to listen by phone, dial: To Toll ll-Free Free number: umber: 1-800 800-83 832-07 0736 36 Ac Acce cess co code: de: 84 8458462 62

Accessing Today’s (continued)

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Webinar Accessibility

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Captioning

Real-time captioning is provided during this webinar.

  • The captions can be found in Captioni

aptioning ng po pod, which appears below the slides.

You can also access captioning on

  • nli

line ne:

http://www.captionedtext.com/client/event.aspx?CustomerID=846& EventID=3478886

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Questions and Answers (Q&A)

  • Fo

For r Q&A &A: Please use the Q&A pod to submit any questions you have during the webinar and we will direct the questions accordingly during the Q&A portion.

  • If you are listening by phone and not logged in to

the webinar, you may also ask questions by emailing questions to web ebinar inars@choo s@choosewo sework.ssa.gov rk.ssa.gov. . Pl Plea ease se no note te: This webinar is being recorded and the archive will be available within two weeks on the Choose Work website at ht http://bit.ly/WISE tp://bit.ly/WISEar archiv chives es.

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Technical Assistance

If you experience any technical difficulties during the webinar, please use the Q&A box to send a message or you may email web ebinars@ch inars@choosew

  • osework.ssa.gov
  • rk.ssa.gov.

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Agenda

Wel elcome come and In d Introdu troductions ctions Mo Moder derator: tor: Brittany Taylor, NDI Consulting Presenter resenters: s: Elizabeth Jennings, NDI Consulting Nancy Boutot, NDI Consulting

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Topics

  • What is Financial Independence?
  • Setting and Reaching Goals
  • Ticket to Work and Work Incentives
  • Other Ways to Reach Your Goals
  • Resources
  • Questions and Answers
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What is Financial Independence?

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What is Financial Independence?

Financial independence means different things to different people.

  • For many, it means reaching a number of small goals to improve

your financial well-being with the ultimate goal of having more re ch choices ices and le less ss mo money ney-rel related ated st stre ress ss.

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What Can Financial Independence Offer Me?

  • Mo

More re co control ntrol over day-to-day and month-to- month finances

  • Gr

Greate eater r ab abil ility ity to absorb a financial shock like an emergency expense

  • Pr

Progres gress toward your financial goals

  • Mo

More re fr free eedom dom to afford the items you need and want

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What Steps Will Help Me Become Financially Independent?

Establish an action plan:

  • Set goals
  • Create a budget
  • Earn enough money to pay your bills and pay off debt
  • Spend less than you earn and establish an emergency cash fund
  • As you start and add to your emergency fund, keep in mind any

resource limits you may have for the SSI and Medicaid programs.

  • Establish good credit
  • File your taxes
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Setting “SMARTER” Goals

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Setting Goals – You Can Do It!

Setting goals gives you something to focus on and work towards.

  • Put

Put yo your ur go goal als in s in writin riting

  • Ma

Make e an an ac action tion pl plan an

  • Stick

tick with ith it it

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What is a S.M.A.R.T.E.R. Goal?

Spec

ecifi fic: c: Be cl clea ear in what you want to accomplish

Mea

eaningful: ingful: When your goal motiv

  • tivates

tes you, you will do what it takes to reach the goal

Ach

chiev evable: able: Set a re realis alistic tic goal; one you know you can reach

Rel

eleva evant: nt: Make sure your goal lines up with wha hat t yo you want t ou

  • ut

t of

  • f

li life fe and is something you are willing and able to work towards

Timely:

ely: Set an ex exact ct da date te for achieving your goal

Eva

valu luate: ate: Make a habit of ev evalu luating ating your goal every day

Re-Assess:

Assess: Re Re-adjus djust your approach, if needed

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Why SMARTER Goals Work

SMARTER goals clearly state the results you will achieve.

  • When goals and results are cl

clea ear, people are more motiv tivat ated ed to work towards their goals.

  • SMARTER goals provide dis

iscipl cipline ine to help people improve their chances of success.

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Create an Action Plan for Your Financial Goal

  • Make a list of what you want to save

for (items, services)

  • Put the list in order of what is most

important to you

  • Identify the cost of each item or

service

  • Determine how you will afford the

costs

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Putting Together a Budget

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What is a Budget?

A b A budget: dget:

  • Is a plan of your income and expenses for a

period of time, like a month or a year;

  • Can help you track spending to see how

much money you have, where you’re spending it, and where you may be able to save.

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Identify Available Sources of Income and Finances

  • Unearned Income: SSDI, SSI back pay or SSDI back pay
  • Earned Income from employment
  • Earned Income Tax Credit
  • Other Tax Refunds like a tax credit if you have a disability, or

credit for medical expenses such as health insurance premiums

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Need More Info on Creating a Budget?

Contact your local Center for Independent Living. Find the location nearest you by visiting:

  • www.ilru.org/html/publications/directory/index.html

Check out:

  • Money Smart:

www.fdic.gov/consumers/consumer/moneysmart/index.html

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Social Security Disability Benefits

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Social Security Disability Benefit Programs

Social Security Disability Insurance

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Social Security Disability Benefit Programs

Supplemental Security Income

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Social Security Disability Benefit Programs

Social Security Disability Insurance

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Supplemental Security Income

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Your Action Plan Starts with

The Ticket To Work Program

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Why Choose Work?

  • Earn more income
  • Gain independence
  • Meet new people
  • Learn new skills
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Starting the Journey

Only you can decide if work is the right choice for you. It’s a big decision, but work can put you on the pathway to financial independence.

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What is the Ticket to Work Program?

Ti Tick cket et to to Wor

  • rk:

k:

  • Offers career development for people age 18

through 64 who receive Social Security disability benefits.

  • Is a free and voluntary Social Security

program.

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Taking the Next Step

  • Gathering information and resources is

key to planning your journey toward employment and financial independence.

  • Ti

Tick cket et to to Wor

  • rk

k and Wor

  • rk

k In Ince centives ntives can help make your journey a smooth one.

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For More Information

Call the Ticket to Work Help Line:

  • 1-866-968-7842
  • 1-866-833-2967 (TTY)

Visit:

  • chooswork.ssa.gov
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Work Incentives

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Work Incentives

Work Incentives are special rules that allow you to:

  • Receive training for new skills
  • Improve the skills you already have
  • Pursue your education
  • Gain confidence

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Reaching Your Goals

Working and using Work Incentives is a great way to reach your goals. Other ways may include:

  • Free Tax Preparation Services
  • Earned Income Tax Credit
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Free Tax Preparation Services and Earned Income Tax Credit

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Why is Filing Taxes Important?

  • It’s the law!
  • Receive credit for all of your earnings under your Social Security

number.

  • You may qualify for special disability tax deductions of credits.
  • It can help you plan for your future!
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Free Tax Preparation Services

Volu

  • lunteer

nteer In Income come Ta Tax x As Assistance sistance (V (VITA) ITA)

  • Free tax help from IRS-certified volunteers
  • Available for
  • People who generally make $54,000 or less
  • People with disabilities
  • Limited-English-speaking taxpayers
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MyFreeTaxes.com

  • The only tax filing software that
  • ffers free

free federal and state tax preparation assistance for qualified individuals in all 50 states.

Free Tax Preparation Services continued

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Special Disability Tax Benefits and Tools

A person with a disability may qualify for special tax deductions and credits.

  • You can find a list of sp

special ecial ta tax ded educti uctions

  • ns or

cr credits edits at www.irs.gov/forms-pubs/disability- related-products

  • The interactive Ta

Tax Ass ssistan istance ce tool, found at www.irs.gov/help/ita, can answer many questions about deductions, tax credits, or other subjects.

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Earned Income Tax Credit

The Ea Earned rned In Income come Ta Tax x Credi redit (EITC) is a tax credit for low to moderate income workers who are:

  • Age 25 to 64 without children; or
  • Age 18 to 64 with one or more children.

If you qualify for the EITC and you have at least one child, you may be able to claim other child-related tax credits.

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Earned Income Tax Credit (continued)

  • You can file for it even if you didn’t earn enough to have to file

ta taxes. es.

  • You can

can fi file le fo for the r the cr credit edit ev even en if if th the e ta tax ye year ar ha has s pa pass ssed ed, up to three years back.

  • If you have earnings from work, file, and qualify for the EITC, you

can receive up to:

  • $6,318 - Tax Year 2017
  • $6,269 - Tax Year 2016
  • $6,242 - Tax Year 2015
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Need More Info on the EITC and Free Tax Preparation Services?

  • Earned Income Tax Credit: For more information visit

www.irs.gov/eitc

  • To learn more about free tax preparation services, visit or call:
  • Vol
  • lun

unteer teer In Inco come me Tax ax Ass Assis ista tanc nce e (VIT ITA) A) 1-800 800-906 906-988 9887

  • Myf

yfreet eetaxes.c axes.com

  • m
  • Am

Amer eric ican an Ass Assoc

  • cia

iation tion of

  • f Ret

Retir ired ed Per Person sons s (AAR AARP) P) 1-888 888-227 227-76 7669 69

  • To find contact information for your local IRS office visit

www.irs.gov/help/contact-your-local-irs-office

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Financial Services and Tools

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Affordable Financial Services

Having a savi vings ngs and a c d a che heck cking ng acc ccou

  • unt at

a bank allows you to access your money.

  • A sa

savin vings gs ac account count keeps your money safe while you save for your goal.

  • A ch

checki ecking ng ac acco coun unt t gives you quick access to your money to pay bills and buy things

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Need More Information on Opening a Bank Account?

You have many ch choi

  • ice

ces when selecting a bank. Some banks offer on

  • nline

line serv ervices, ices, di dire rect ct dep depos

  • sit,

it, and mu d much ch more

  • re. Ask about your options before

you decide.

  • Bank

ank On n pr progr grams ms work with banks and credit unions to make it easier for you to join. For more information, visit: joinbankon.org

  • To find a cr

credit edit un union ion in your area, visit: www.mycreditunion.gov/Pages/default.aspx

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Credit: Another Tool for Becoming Financially Independent

  • Having go

good cr credit edit means that banks and businesses will let you buy an item before you pay for it.

  • If you have good credit, it’s easier to get

lo loan ans at lower interest rates from banks for large items, like a home or car, and to pay for em emerg ergenc ency y ex expens penses es.

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Credit: Another Tool for Becoming Financially Independent (continued)

Once you establish good credit, you can maintain it by:

  • Paying your bills on time
  • Limiting applications for new credit

cards

  • Keeping old credit card accounts that

you’ve paid off open

  • Keeping credit card balances low
  • Checking your credit score regularly
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Need More Information on Credit Resources? ✓ Re

Request quest your free annual credit report: www.annualcreditreport.com.

✓ Contac

ntact t credit reporting agencies to address errors or visit: www.consumerfinance.gov

✓ Ge

Get t su suppo pport rt in decreasing your debt and working on your credit: www.nfcc.org.

✓ Ask

sk que question stions s and find answers and helpful information at: www.ncua.gov/consumers/Pages/default.aspx.

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Tying it All Together:

Is Financial Independence Possible for Me?

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Financial Independence: Is it Possible for Me?

Yes, financial independence may be possible! With hard work, planning, education, training, and support from Social Security and other resources, you may be able to become fi financ ancially ally indep dependent. endent.

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Are There Risks?

Ab Absolute

  • lutely,

ly, which is why you need to be SMA MARTER RTER.

  • Be smarter by getting to know Soc
  • cial

al Security’s Ti Tick cket et to to Wor

  • rk

k program and learning about Social Security Work Incentives. They may be able to help you earn your way to financial independence.

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Follow the Rules

  • Learn ho

how an and d whe hen n to to re repo port rt yo your ur ea earnings rnings fr from m work rk to Social Security

  • Keep good records. It will help you take

advantage of Work Incentives and av avoid

  • id
  • ve

verpaym rpayment ents

  • Take advantage of the re

reso sources urces we have talked about today. We’re here to help you succeed in reaching financial independence!

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Other Resources

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Money Smart

The Federal Deposit Insurance Corporation’s (FDIC) Money Smart is a financial education program designed to help low- and moderate-income individuals increase their financial skills and create positive banking relationships. www.fdic.gov/consumers/consumer/moneysmart/index.html

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Consumer Financial Protection Bureau (CFPB)

The CFPB’s mission is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products. www.consumerfinance.gov

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Achieving a Better Life Experience (ABLE) Accounts

ABLE Accounts are tax-advantaged savings accounts available for certain people with disabilities ABLE funds do not affect public benefits up to:

  • $15,000 per year
  • $100,000 total

Learn more:

  • http://bit.ly/WISEarchives
  • www.ablenrc.org
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Join Us for Our Next Webinar!

Date: Wednesday, February 28, 2018 Ti Time me: 3-4:30 p.m. ET Register online at choosework.ssa.gov/wise or call 1-866-968-7842 or 1-866-833-2967 (TTY)

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For More Information

Call ll th the e Ti Tick cket t to W

  • Work
  • rk He

Help lp Li Line: ne:

  • 866-968-7842
  • 866-833-2967 (TTY)

Visit: sit:

  • choosework.ssa.gov

Con

  • nnect

nect:

Like us on Facebook: www.facebook.com/choosework Follow us on Twitter: www.twitter.com/chooseworkssa Watch Ticket to Work Videos on YouTube: http://www.youtube.com/choosework Follow us on LinkedIn: https://www.linkedin.com/company/ticket-to-work

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Questions

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Tell Us What You Think!

Please remember to take our webinar survey! A link will pop up after the webinar or visit choosework.ssa.gov/surveys/wise.

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