IAble Helps Possibilities Bloom for Those Living with a Disability
DES MOINES - State Treasurer Roby Smith is sharing the benefits of saving with IAble, Iowa’s Achieving a Better Life Experience (ABLE) plan. “Being able to save for Qualified Disability Expenses helps individuals achieve their better life experience,” stated Smith, administrator of IAble. “When someone invests in IAble, they have the ability to save for their unique needs and expenses that improve their quality of life.”
IAble Account Owners and their support system can save up to $17,000 a year in an account and maintain eligibility for means-tested assistance programs like Supplemental Security Income (SSI). Account funds can be used for Qualified Disability Expenses such as housing, food, support services, education and assistive technology that improve or maintain health, independence or quality of life. Earnings grow tax-deferred and qualified withdrawals are tax-free. Iowa taxpayers can deduct up to $3,785 of their contributions to and IAble account from their 2023 state income taxes.
“Financial independence should be possible for everyone. IAble can help individuals save for short- or long-term goals enabling them to gain greater financial freedom to flourish,” concluded Smith.
To learn more about IAble, visit IAble.gov. For additional information about IAble and the Plan’s highlights, view a recent webinar at IAble.gov/resources/about-us/webinars. Connect with the Treasurer on Facebook, Twitter and Instagram for updates and news. For details about the Plan, review the Plan Disclosure Booklet.