Federal ABLE Act reaches milestone, state treasurer celebrates 10 years of empowering people with disabilities with the ability to save

Thursday, December 19, 2024 at 7:00 PM

Today marks the 10^th anniversary of the Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act). Congress passed the ABLE Act on Dec. 19, 2014, which enabled States to establish tax-advantaged ABLE accounts that make it possible for people with disabilities and their families to save and invest money for qualified expenses without losing vital public benefits, such as Supplemental Security Income (SSI) and Medicaid.

Many people with disabilities experience increased financial insecurity, and before ABLE, had minimal options to save for their or their loved one's future. Since ABLE, more than 187,000 account owners across the country have saved over $2 billion in ABLE accounts – helping account owners to build financial resilience. Money in ABLE accounts can be spent on many of the expenses that come with living with a disability, such as assistive technology, therapies, specialized equipment, transportation, job coaching, health care, education and more.

Indiana proudly launched its ABLE program, INvestABLE Indiana, on July 27, 2017. Since then, more than 2,100 Hoosiers living with disabilities have saved more than $12.1 million, allowing them to experience greater financial empowerment.

“The Federal ABLE Act has made a real difference in the lives of Hoosiers with disabilities, giving them a way to save and invest without risking the benefits they rely on,” said Treasurer Daniel Elliott. “Over the last several years, INvestABLE accounts have helped individuals gain more independence and take control of their financial future. This anniversary is a great reminder of how far we’ve come and Indiana’s ongoing commitment to supporting these opportunities.”

For more information or to open an INvestABLE Indiana account, visit in.savewithable.com.