Save for your child’s short and long-term needs
Spring is in full bloom – grass is green, the trees are blossoming, and the school year is winding down. For some, this means going through an Individualized Education Plan (IEP) review to reflect on the past year’s accomplishments and to look ahead to the next school year. This is also a great time to review your child’s short and longer-term financial needs. For example, will they need additional therapies or educational supports in the coming year? Is transition planning within sight?
Whether expenditures for your child’s disability needs are right around the corner or further down the road, it is never too early to save for them. IL ABLE accounts are a valuable resource for helping to meet the anticipated or future disability-related needs of your child. In fact, according to a recent IL ABLE survey of the Plan’s Account Owners, approximately 70% said they use their ABLE accounts to save for future expenses. IL ABLE offers seven low-cost, high-quality investment options, including a checking account with a debit card. Also, you can opt to increase savings through a recurring payroll direct deposit. (Read more about Savings and Investing with IL ABLE.)
The money saved in an IL ABLE accounts can grow and be withdrawn tax-free when it’s used for qualified disability expenses. These are any expenses that are incurred as a result of living with a disability and are intended to improve the quality of life, health and provide greater independence for a person with a disability. Putting money aside can help you cover costs such as summer camp enrollment or new school clothes in the fall or help your child cover living expenses when they get older.
Living with a disability can cost more. Take time to review and plan for your child’s future financial needs to help ensure you are prepared to meet those needs.
Ready to start saving? Enroll here.