More than 4,000 people with disabilities have over $40 million saved in the PA ABLE Savings Program (PA ABLE) for disability-related expenses. PA ABLE has built a network of family members, advocates, and disability resource providers it relies on as an important part of its success.
By saving with PA ABLE, you or a loved one can build a better financial future and live more independently. Remember that savings in a PA ABLE account:
- May be deducted from Pennsylvania state income tax.1
- Do not affect eligibility for any federal needs-based programs with a limitation for Supplemental Security Income (SSI) benefits.2
- Can be contributed from a bank account, paycheck or Social Security benefits.3
- Can be allocated into various savings options, including an FDIC-insured checking account and six asset-allocation investment options.
- May be used to build savings or pay expenses such as rent, transportation, groceries, assistive technology, and much more.4
- Provide other benefits unavailable with other states’ ABLE plans.
To learn more and to read important disclosures, visit paable.gov or call 855-529-ABLE (2253).
- Supplemental Security Income (SSI) benefits are not impacted unless an ABLE account balance exceeds $100,000 or if a withdrawal is made for housing or Non-Qualified Expenses and the money is not used in the same month of withdrawal. See paable.gov for details.
- Contributions to a PA ABLE account up to $15,000 per person can be deducted from Pennsylvania state income taxes for 2020. This tax deduction is exclusively for contributions made to a PA ABLE Savings Program account.
- Account owners may direct Supplemental Security Income (SSI) and 3Social Security Disability Insurance (SSDI) monthly benefit payments into a PA ABLE account as a direct deposit. Please note that you cannot direct deposit your SSI or SSDI benefit payment if you have a representative payee. For more information visit SSA.gov.
- A complete list of qualified disability-related expenses may be found online or in the PA ABLE Savings Program disclosure statement (available at paable.gov or by calling 855-529-2253).
The Pennsylvania ABLE Savings Program (PA ABLE) is administered by the Pennsylvania Treasury Department. Before investing in PA ABLE, please carefully read the disclosure statement (available at paable.gov or by calling 855-529-ABLE) to learn more about PA ABLE, including eligibility requirements, effect on federal and state benefits programs, investment objectives, risks, fees and tax implications.
Copyright (C); The Pennsylvania ABLE Savings Program, 613 North Drive | Room G-06 | Harrisburg, Pennsylvania 17120