Today’s recipe is for BUILDING SAVINGS to support your GREAT LIFE!
· COVID-19 Stimulus Payment
· Wages from your job
· Cash gifts or inheritance
· Money already in a savings account
Mix together all ingredients – YOU ARE NOW SAVING FOR YOUR FUTURE!
Establish a STABLE account through the Oklahoma State Treasurer’s Office and pour all ingredients into your account. Allow to grow!
As needed, withdraw funding to live a YUMMY life!
COVID-19 stimulus payments can be a great start to your STABLE account. Depositing these funds into a STABLE account avoids taxes on this income.
See this overview: https://okstable.org/files/Documents/OK%20STABLE%20Cares%20Act%20Webinar.pdf
Anyone wishing to open or spend from an account needs to be well aware of rules and restrictions. Not every human service professional, attorney, financial planner or advocate knows how a STABLE account works. Oklahoma has STABLE Ambassadors who can provide you with accurate information. You can reach these ambassadors by contacting Ellyn Hefner at firstname.lastname@example.org.