The Inclusive Economy
Innovation Update: Diane Browning
By Sean Luechtefeld on 07/28/2010 @ 03:17 PM
Innovative Idea Champion Diane Browning was selected for the Innovation Portfolio in 2009 and has been working to advance the R-Bond, a saving product developed for aging low- and middle-income Americans. As you can see from the update she provided us below, the development of Diane’s idea is progressing well and the R-Bond has even been added to tax forms as a purchase option!
Diane has been promoting the creation of a retirement savings bond, the R-Bond, by participating in the Savings Bond Working Group hosted by D2D, a nonprofit organization that works to expand access to asset building opportunities for low-income people. WISER and D2D achieved a major victory by securing the inclusion of the savings bond as a purchase option on tax forms starting in 2010. This victory has laid critical groundwork for the creation of the R-Bond, a bond with retirement savings characteristics that, unlike other U.S. savings bonds, would qualify for the Saver’s Tax Credit. The R-Bond would be an accessible and stable savings vehicle for low- and middle-income people, particularly those that do not have access to employer-based retirement plans or cannot afford to start an IRA offered by a financial institution. WISER is currently in the process of expanding its R-Bond demonstration, the findings of which will be detailed in a white paper.
If you’re interested in learning more, send Diane a question using the comments section below and check out her Innovation Station at the Innovation Marketplace, part of the 2010 Assets Learning Conference. Thanks, Diane, for sharing this update!