Ask Yourself These Four Questions to Help Decide What’s Best for Your Disability Expense Needs.
Once you’ve opened your IL ABLE Account, you may be wondering how to allocate your contributions to meet your savings and spending horizons. Start by reading below.
- What expenses am I saving for? Think about how you plan to use the money in your IL ABLE Account. Will you use it for regular expenses, such as monthly rent? Are you saving for something in the next few years, such as a summer recreation program? Or are you preparing for a larger future expense, such as a new wheelchair, an accessible vehicle, or a home?
- When will I need the money? The amount of time you plan to save can help you choose an investment option. Short-term expenses are costs you expect to pay soon—today, next week, next month, or within the next year. Medium-term expenses are costs you expect to pay within 1 to 3 years. Long-term expenses are costs that may be four or more years away, such as purchasing a home or an accessible vehicle.
- What is investment risk? Investment risk is the possibility that changes in financial markets could affect the value of your money. When you invest money, its value may rise or fall. This means your IL ABLE Account balance could increase or decrease over time.
- What is my risk tolerance? Your risk tolerance is how comfortable you are with changes in the value of your investments. Ask yourself: “How would I feel if my IL ABLE Account balance went down because of changes in the financial markets?” Your answer can help you understand how much investment risk you are comfortable taking.
Download the IL ABLE “What Type of Investor Are You?” tips sheet here: What Type of Investor Are You?
Learn More About IL ABLE
Explore how an IL ABLE Account can help you save for qualified disability-related expenses.
- Visit the IL ABLE website
- Review the Plan Disclosure Booklet
- Explore IL ABLE Investment Options
- Open an IL ABLE Account
For assistance, call 888-609-8683 Monday through Friday from 8 am to 5 pm CT, or email il.clientservice@savewithable.com. Support is available in multiple languages and for callers who are deaf or hard of hearing.