News and Updates from the Illinois State Treasurer's ABLE Plan
Illinois ABLE Checks in with an Account Owner
Last year, IL ABLE account owner Tim had just finished college when he told his story about having his IL ABLE account. With a year of life and IL ABLE experience under his belt, we check back in with Tim this month to get an update:
Illinois ABLE account owners turned up the heat when they competed in the Special Olympics Illinois Summer Games in Normal, Illinois in June. A big shout out goes to these special individuals who are building lifelong experiences of independence and belonging through Special Olympics Illinois and IL ABLE account ownership.
Read More “ILLINOIS ABLE ACCOUNT OWNERS WIN BIG IN THE SUMMER GAMES!”
It’s time to increase eligibility from age 26 to 46!
Countless people with disabilities have asked us at IL ABLE, “Why did my disability have to happen before I turned 26 to make me eligible for an ABLE account? This seems so arbitrary and excludes so many people with disabilities.”
Read More “3 Ways Raising ABLE Age will help People with Disabilities”
The information you need about the Illinois ABLE Plan is at your fingertips
Read More “Check out these easy ways to learn about Illinois ABLE”
ABLE Accounts do not impact HUD Benefits
Many of you have been afraid to open an Illinois ABLE account out of fear that you will lose your Section-8 housing or other benefits. You wanted to wait until you heard from HUD before enrolling in ABLE. Wait no more!
Illinois ABLE is proud to help Light it Up Blue to raise Autism Awareness this month!
Autism or Autism Spectrum Disorder (ASD) is usually diagnosed before age 26. As a result, many individuals with Autism are eligible to own ABLE accounts and to save for the additional expenses that often accompany the disorder. Things such as behavioral intervention, speech and language and sensory integration therapies, or therapeutic equipment such as assistive communications devices, weighted vests or specialized diets.
Read More “Illinois ABLE is Proud to Help Light it Up Blue to Raise Autism Awareness this month!”
March 3 in Chicago was a windy, gray day with about a 15-degree wind chill – so cold that machines had to be used to break the ice for the annual Chicago Special Olympics Polar Plunge. But that didn’t stop State Treasurer Frerichs from taking the Plunge to support two great ways that individuals with developmental and intellectual disabilities can build greater independence and quality of life: Illinois ABLE and Special Olympics.
Illinois ABLE accounts give eligible individuals with disabilities a new way to save funds for greater financial independence and participation in community life. Special Olympics programs provide opportunities for athletes to develop skills and capacities that can contribute to greater independence and full life. Congratulations to all of the Plungers!
Want to learn more about Illinois ABLE accounts? Click here.
For facts about ABLE, visit our new FAQs web page.
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.
Read More “I Really Appreciate the Illinois ABLE Account for My Son”
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.
