ABLE Accounts: The What, Why, Where, and How
Sunday, December 3 was International Day of Persons with Disabilities. We want to share with you the what, why, where, and how of ABLE accounts to support you and your loved ones towards your savings goals.
Created by the Achieving a Better Life Experience (ABLE) Act, ABLE accounts provide a savings opportunity for Americans with disabilities and their families. Individuals can save to these accounts without losing eligibility for critical benefits such as healthcare or Supplemental Security Income.
ABLE accounts are operated by individual states and are currently available in 28 states. If there’s not yet an ABLE program in your state, you can still open an account. Some states, but not all, will allow ABLE accounts to be opened by non-residents. Nebraska, Ohio, and Tennessee currently offer nationwide enrollment. There may, however, be some additional costs for out-of-state accounts. Ohio, for example, charges double its usual monthly fee ($2.50) to residents of other states.
Check out this comparison tool created by the ABLE National Resource Center if you're looking to comparison shop across states.
Learn more about ABLE account programs across the country by clicking on the map below:
Are you trying to save money? Let America Saves help you reach your savings and debt reduction goals. It all starts when you make a commitment to yourself to save. Take the first step today and take the America Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. America Saves will keep you motivated with information, advice, tips, and reminders to help you reach your savings goal. Think of us as your own personal support system.
Sunday was International Day of Persons with Disabilities, so we've updated our information on ABLE accounts to support you and your loved ones in disability-related savings goals: http://bit.ly/2BAxlsu
- Written by Madeline Daniels
- Category: Blog
- Published: 05 December 2017