Today is the first National ABLE Savings Day which recognizes the importance of ABLE savings and investment programs to Americans living with disabilities and their families. ABLE Account Owners and their supporters are celebrating greater financial independence thanks to ABLE programs across the nation, including right here in Illinois with the IL ABLE program.
For millions of Americans with disabilities, the American dream seems unattainable because having more than $2,000 in assets can impact their eligibility for public benefits such as Supplemental Security Income (SSI), Medicaid, SNAP, and other public assistance programs.
That changed in 2014 when Congress unanimously passed the Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act), which enabled states to create tax-advantaged accounts that allow eligible individuals with disabilities to save and invest their money to pay for the expenses that help to improve quality of life, health, and the independence of eligible individuals with disabilities, without risking their public benefits.
Illinoisans with disabilities opened the first IL ABLE accounts in 2017. Today, there are almost 6,300 IL ABLE Account Owners, such as Aubrie, who are saving in an IL ABLE Account for a wide range of expenses such as transportation, personal support, recreation and much more. With IL ABLE Accounts, people with disabilities who receive SSI benefits can grow their financial assets above the $2,000 SSI asset limit. Today, the average balance of an IL ABLE Account is $11,000. And IL ABLE savers are not alone. As of June 30, approximately 180,000 Americans with disabilities have collectively saved more than $2 billion in their ABLE accounts.
There is a lot to celebrate this National ABLE Savings Day!
Learn how an IL ABLE Account can be an important resource to help empower people with disabilities to build strong financial futures at illinoisable.com and read the Plan Disclosure Booklet.