Treasurer Fitzgerald Highlights IAble for ABLE to Save Month
State Treasurer Michael Fitzgerald is celebrating ABLE to Save Month, a nationwide campaign recognized each August, by spreading the word about IAble. “Financial freedom is a goal most everyone hopes to achieve in their adult life,” said Fitzgerald. “However, some individuals, like those living with disabilities, face more barriers than others. That’s what 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,” continued Fitzgerald. “It is my mission, now and always, to increase awareness about this important, life-changing plan. Whatever your version of a better life experience looks like, IAble can help you achieve it.” Visit IAble.gov for further information.
For more of Iowa’s ABLE to Save Month festivities, connect with the Treasurer on Facebook, Twitter and Instagram. Throughout August, Fitzgerald will be posting information on ABLE plans and highlighting IAble account owners.
*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.