Illinois State Treasurer Michael Frerichs is touting the new ABLE Savings program helping people with disabilities achieve greater financial independence through investment accounts.
ABLE is short for Achieving a Better Life Experience. A decade ago, Congress passed a law allowing states to create programs to help individuals with disabilities save and invest their money to pay expenses that help improve their health, independence or quality of life without risking their public benefits.
With an ABLE account, people with disabilities who receive Supplemental Security Income benefits can grow their financial assets above the $2,000 federal limit. As of June 30, about 180,000 Americans with disabilities have collectively saved more than $2 billion in their ABLE accounts.
“ABLE is a game changer. For decades, people with disabilities were told not to save to avoid losing their public benefits,” Frerichs said. “Now, with an ABLE account, they can put away money and invest that savings, securing greater financial independence and setting aside funds that can be used to help support a greater quality of life.”
Illinoisans with disabilities opened the first IL ABLE accounts in 2017. Today, almost 6,300 people have IL ABLE accounts with an average balance of $11,000.
Visit illinoisable.com to learn how an IL ABLE account can be an important financial tool for people with disabilities and their families.