Mark your calendar, August is “ABLE to Save Month.” Iowa, along with other states and organizations around the country, designate August as “ABLE to Save Month” in an effort to increase awareness about ABLE accounts and to encourage those with disabilities and their families to start building their financial futures.
Prior to federal passage of the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act in 2014, millions of individuals with disabilities were unable to save more than $2,000 in assets without jeopardizing their eligibility for critical federal benefits. Following in the federal government’s footsteps, the Iowa legislature passed legislation that paved the way for Iowa’s ABLE program, IAble.
IAble offers individuals with disabilities the opportunity to save up to $100,000 for disability-related expenses without losing their eligibility for certain assistance programs, like SSI and Medicaid. Funds can be used for short-term saving or long-term investing, and include both federal and state income tax benefits. Learn more abou the tax benefits.
Nationally, there are over 25,000 open ABLE accounts with a total of over $120 million invested. Since IAble’s inception in January 2017, over 480 accounts have been opened across two-thirds of Iowa’s counties, with more than $2.8 million invested. Accounts can be opened online, with as little as $25.
Please visit IAble.gov to learn more. You may also call the program at 1-888-609-8910, or email us at email@example.com.