Savings for Working Families Act of 2005

The Savings for Working Families Act of 2005 (S. 922) was designed to help low-income individuals between the ages of 18 and 61 build personal wealth through tax-exempt Individual Development Accounts (IDAs). Under this bill, participants could save money for specific long-term goals—such as buying a first home, paying for higher education, or starting a small business—and receive matching contributions from participating financial institutions or organizations. To encourage financial stability, the bill required participants to complete financial education courses before withdrawing funds and ensured that these savings would not disqualify them from receiving other federal assistance.