ABLE account

ABLE accounts are a new option.

A person with an ABLE account can earn tax-free interest on contributions of up to $15,000 per year - and up to $100,000 total.

This money can be used for disability-related expenses without affecting government benefits.

Learn more by clicking the box below:

The Achieving a Better Life Experience (ABLE) Act is a new law that lets you set up an ABLE Account. 

  • You can put up to $15,000 a year into this account and earn tax-free interest

  • This money will not affect government benefits like SSI and MassHealth (up to a limit of $100,000)

  • ABLE accounts are only for people who developed their disability before age 26

Money in ABLE Accounts can be used for specific disability-related expenses, including: Housing, Transportation, Job training, Health expenses, Assistive technology, Personal support services, Legal expenses, and Financial fees.

To learn more about ABLE Accounts in Massachusetts, visit:

http://ablenrc.org/about/what-are-able-accounts

Source: Greene (2015)

Visit the Attainable Savings Plan website to learn more about creating an ABLE account.

 

Source: Greene (2015), State of Ohio Treasurer's Office (2016)

 

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