Joseph’s family was one of the first to open an Illinois ABLE account two years ago. His mom shared her experience with accessABLE to help teach other families who have children with disabilities about Illinois ABLE accounts. Here is her story of how Illinois ABLE is helping her prepare her son for a bright financial future.
In two short years, Illinois ABLE has helped people with disabilities achieve so much:
Empowerment – Since its January 2017 launch, people with disabilities and their families throughout Illinois have contributed more than $4 million to Illinois ABLE accounts. For the first time ever, people with disabilities are empowered through savings, investing and spending.
Peace of Mind – Illinois ABLE account owners who also receive SSI benefits don’t worry about exceeding the $2000 resources cap. Approximately 40% of IL ABLE account owners are eligible for or receive SSI benefits and the average Illinois ABLE account balance is $5,500. Instead of spending money unnecessarily to stay under the SSI resource cap, ABLE account owners on SSI are enjoying the ability to save for meaningful uses and protect their benefits at the same time.
Choice and Control – Account owners are taking advantage of the flexibility of their accounts to meet short, medium and long-term goals. Some use the convenient checking account option to pay for daily or regular qualified disability expenses. Some save for a rainy day or invest for the future, choosing among six high-quality investment options. Many account owners select a combination of options!
High Impact – In 2018 alone, over 6,500 self-advocates, family members, educators and service providers in more than 30 Illinois communities learned directly from the Treasurer and his staff about how ABLE accounts foster greater financial freedom and inclusion of people with disabilities.
Beneficial Legislation – Thanks to legislation proposed by the Treasurer and passed into law in 2018, Illinois taxpayers can now contribute to any Illinois ABLE account and take a state tax income tax deduction – up to $10,000 if filing as an individual or $20,000 if filing jointly.
Best in Class – Illinois leads the National ABLE Alliance, a 16-state consortium that represents more than one-quarter of the nation’s ABLE-eligible population and offers a best-in-class, low-cost ABLE program with an exclusive checking account feature.
Leadership – As Chairperson of the ABLE Committee of the National Association of State Treasurers, State Treasurer Michael Frerichs leads states’ efforts to advocate for federal legislation, such as the ABLE Age Adjustment Act, which will strengthen and increase access to ABLE accounts for more people with disabilities.
To open an Illinois ABLE account or for more information visit www.il.savewithable.com.
Learn more about ABLE here.
Do you know someone who should know about Illinois ABLE? Please send this to a friend!
Your Easy Guide and Checklist to Open an Illinois ABLE Account Before the Year Ends
Many people with disabilities and their families open Illinois ABLE accounts in December to take advantage of the $15,000 contribution maximum (more for account owners who work) before the year comes to a close. Plus, starting with the 2018 tax year, Illinois taxpayers can deduct their 2018 contributions to IL ABLE accounts from their state taxable income.
As an Illinois ABLE account owner, you can select from six investment options based on your needs and goals, in addition to an optional checking account. Your Illinois ABLE account gives you the flexibility to select the option that makes the most sense to you. The ABLE checking account option can be used for ongoing expenses that require easy access to funds, such as weekly therapy appointments.