Illinois ABLE Accounts Coming Soon

January 26, 2017

Individuals with disabilities in Illinois will soon have another possibility when it comes to saving for the future. By February 1, 2017, ABLE (Achieving a Better Life Experience) Accounts will be available in Illinois, providing more options for saving for disability-related expenses.

ABLE Accounts offer federal tax advantages, allowing individuals and families to save for future qualified expenses, invest these funds in professionally designed savings accounts, and avoid some tax penalties. Money saved in an ABLE Account can be used for a wide range of expenses related to your disability, including housing, transportation, employment support, assistive technology, personal support services, legal fees, and more.

Up to $14,000 per year can be contributed to each account, and up to $100,000 can be saved in total without affecting SSI or other federal benefits. You can become a beneficiary of an ABLE Account if you are an individual with an eligible disability that occurred before age 26.

For more information, view the Illinois State Treasurer’s fact sheet by clicking here, or visit www.savewithable.com

 

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