Luncheon focuses on catastrophe savings
A storm could stir up a financial crisis at any time of the year.
Helping homeowners stay prepared for a natural disaster, First Federal Bank representatives hosted a luncheon focused on catastrophe savings in Pascagoula today. Local tax advisers and financial planners sat in to discuss the benefits of building a tax-free catastrophe savings account. A bill passed in 2015 allows Mississippi residents to earn a tax break with the creation of the savings account.
First Federal representatives tell News 25 the account is an essential tool to stay financially protected. First Federal Director of Marketing Vice President Jennifer Garlich said, “After Katrina, a lot of homeowners were tasked with raising their insurance deductibles to be able to stay in their homes. So this way if they open up this account it will give them the benefit of being able to take a tax break on the money they can save for the deductible when a storm hits or for the expenses if there is a storm and they incur expenses within their home.”
Information about the Mississippi Tax Free catastrophe savings account can be found on First Federal’s website.