We’re celebrating the fifth anniversary of the PA ABLE Savings Program. Since the first PA ABLE accounts opened five years ago, Pennsylvanians have saved more than $70 million for current and future expenses. PA ABLE remains one of the fastest growing ABLE plans in the nation and is now helping more than 6,200 people save. Family members, advocates and community partners are encouraged to let others know about the features and benefits of PA ABLE accounts.
Remember, savings in a PA ABLE account: May be deducted from Pennsylvania state income tax.1Do not affect eligibility for any federal needs-based programs with a limitation for Supplemental Security Income (SSI) benefits.2Can be allocated into various savings options, including an FDIC-insured checking account and six asset-allocation investment options. May be used to build savings and pay expenses such as rent, transportation, groceries, assistive technology, and much more.3
If you or a loved one are not yet saving for disability-related expenses in a PA ABLE account, consider opening one today. Join a webinar to learn more, or call 855-529-ABLE (2253).
Happy Birthday, PA ABLE! Please visit paable.gov to learn more about PA ABLE and to enroll.
With sincere thanks,
Stacy Garrity, PA Treasurer PAABLE.gov | 855-529-ABLE (2253) | Stacy Garrity, State Treasurer
1Contrbutions to a PA ABLE account up to $16,000 per person can be deducted from Pennsylvania state income taxes. This tax deduction is exclusively for contributions made to a PA ABLE Savings Program account.
2Supplemental 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.
3A 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 is administered by the Pennsylvania Treasury Department. Before investing, please carefully read the Disclosure Statement (available at paable.gov or by calling 855-529-2253) to learn more about the program, including its effect on federal and state benefits, investment objectives, risks, fees, and tax implications.
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