IAble Celebrates ABLE to Save Month
Des Moines, Iowa – IAble is celebrating ABLE to Save Month, a nationwide campaign recognized each August. Some individuals, like those living with disabilities, face more barriers than others. IAble is all about helping them break through those barriers and become financially independent.
IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan, allows eligible individuals with disabilities to save above asset thresholds imposed by federal programs like Supplemental Security Income (SSI) and Medicaid. Up to $16,000 can be contributed to an IAble account each year,* and funds can be spent on short-term expenses, like food and daily transportation, or long-term investments, such as assistive technology and support services.** Account owners will continue to receive monthly benefit payments, as funds in an IAble account are disregarded when determining eligibility for needs-based programs.
ABLE to Save Month is aimed at dispersing information to families who could benefit from saving with an ABLE plan. It is the mission of the Treasurer’s Office to increase awareness about this important, life-changing plan. Visit IAble.gov for further information.
*The Federal Annual Contribution Limit is $16,000 in 2022. IAble Account Owners who earn income may exceed the annual contribution limit by an additional $12,880 in 2022, which is adjusted annually by the federal government.
**Earnings on non-qualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as applicable state and local income taxes.