July is Disability Pride Month, a time to celebrate the history, achievements, and diversity of people with disabilities. The month also recognizes the anniversary of the Americans with Disabilities Act, or ADA, which was signed into law on July 26, 1990.
The ADA promotes equality of opportunity, full participation, independent living, and economic self-sufficiency for people with disabilities. Financial independence includes having opportunities to earn, save, invest, manage, and control your own money.
How an IL ABLE Account Supports Financial Independence
An IL ABLE Account can help eligible people with disabilities save and invest for current expenses and future needs. Earnings and withdrawals are tax-free when the money is used for qualified disability expenses. Qualified disability expenses may include housing, transportation, education, health care, employment support, assistive technology, and many other expenditures that help to support and maintain the account owner’s health and wellness, independence, or quality of life.
Five Ways to Contribute to an IL ABLE Account
- Mail a check. Complete the Additional Contribution Form (PDF) and mail it with your check.
- Transfer money from a bank account. Set up an electronic funds transfer, or EFT, from a personal checking or savings account by completing the Account Financial Features Form (PDF).
- Set up recurring contributions. Choose an amount to be automatically added to the account on a regular schedule. Complete the Account Financial Features Form (PDF) to get started.
- Use payroll direct deposit. Arrange to have part or all of a paycheck deposited into the IL ABLE Account. Submit the Payroll Direct Deposit Form (PDF) or log in to manage payroll contributions online.
- Send a wire transfer. Call IL ABLE Customer Service at 888-609-8683 for instructions.