Assist Marylanders with long-term financial planning.
Strategies:
Provide age-appropriate financial literacy outreach to educate Marylanders across the lifespan about saving for the future.
Increase awareness of and access to free financial planning resources that provide trusted and impartial information about savings and investment options.
Provide targeted education to allow for financial stability through life transitions to assist in planning for a reduced income and access to available benefits.
Overview of Progress Made
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The Office of the Comptroller, in partnership with over a dozen state agencies, has launched the expanded Earned It Campaign to proactively connect eligible Marylanders—including older adults and residents in rural areas—with the Earned Income Tax Credit (EITC). By leveraging data to target approximately 72,000 non-claiming eligible filers, the campaign ensures wealth protection and immediate economic relief for older adults on fixed incomes.
Key Initiatives
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Earned Income Tax Credit allows low-to-moderate income households claim up to $4,000 in tax credits against rising household costs and rent.
Provide outreach and education to inform older adults about ways to protect their savings from financial fraud and preserve generational wealth.
Evaluate social and financial factors that impact the interest and ability of Marylanders to remain in the state as they transition away from full-time employment.
Increase access to any applicable state tax credits for income-limited households by lowering income thresholds, increasing property value limitations, and simplifying applications.
Explore policies that provide support for people facing growing or unplanned long-term care costs, medical debt, tax burdens, housing costs, and other unforeseen expenses.
Outcomes:
Short-Term (1-3 years)
- Develop partnerships with organizations and institutions providing age-appropriate financial planning resources
- Map trusted and impartial financial planning resources
Mid-Term (4-6 Years)
- Promote financial literacy education
Long-Term (7-10 years)
- Improve services that align with financial planning opportunities
- Identify long-term care insurance accessibility opportunities