Maximizing the benefits of saving and investing with IL ABLE
Did you know that an Account Owner’s contributions to their IL ABLE Account may be eligible for the Retirement Savings Contributions Credit – also known as the Tax Savers Credit?
ABLE Age Adjustment Act Raises Disability Eligibility Age from 26 to 46
Higher eligibility age limit takes effect in 2026
Since Congress passed the Stephen Beck Jr. Achieving a Better Life Experience Act in 2014, the ABLE community has worked tirelessly to pass legislation to raise the eligibility age for owning an ABLE Account from disability onset before age 26 to before age 46.
Supported by legislative champions in Congress, disability advocates, and ABLE programs across the country, the ABLE Age Adjustment Act made it across the finish line on December 29, 2023, when President Biden signed the Consolidated Appropriations Act, 2023 [H.R. 2617], which included the ABLE Age Adjustment Act.
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Authorized Individuals and IL ABLE Accounts
What you need to know about acting on behalf of an Account Owner
Authorized Individuals often play a vital role in IL ABLE Accounts. They can open IL ABLE Accounts for eligible children and adults who are not able to open and manage the Account for themselves. Additionally, Account Owners with legal capacity may select an Authorized Individual to manage their Account.
Illinois Treasurer Travels Across the State to Promote Financial Programs
How IL ABLE Empowers People with Disabilities
Each October, National Disability Employment Awareness Month recognizes the skills, talents and contributions of people with disabilities in the workplace. It also provides an opportunity to share how an IL ABLE disability savings account can support employment, financial independence and long-term financial wellness.
Illinois State Treasurer Michael Frerichs traveled across Illinois and joined a radio interview to meet with people with disabilities, highlight inclusive employment and share information about IL ABLE. The program helps eligible people with disabilities save and invest for qualified disability expenses while helping protect eligibility for certain means-tested public benefits.
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IL ABLE Rolls Out Important Changes on November 20
What you need to know
On November 20, 2022, the IL ABLE Plan will roll out Plan changes to conform to the Internal Revenue Service’s rules for ABLE programs. Here are some important things you need to know:
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