Earlier this month, I announced August is Able to Save Month. Iowa partnered with the ABLE National Resource Center along with other states and organizations around the country in an effort to increase awareness about ABLE accounts and to encourage those with disabilities and their families to start building their financial futures.
IAble has over 500 accounts with more than $3.3 million invested. Nationally, there are over 46,000 open ABLE accounts with over $260 million in total assets. Accounts can be opened online with as little as $25.
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 (Supplemental Security Income) and Medicaid. Funds can be used for short-term saving or long-term investing, and include both federal and state income tax benefits. You can visit IAble.gov to learn more about the tax benefits.