ABLE accounts allow people with disabilities to save money that is not counted towards asset limitations set by means-tested benefit programs such as Medicaid or SSI. “Asset limits” prevent people with disabilities from saving money beyond $2,000 (a typical asset limit) and planning for their future.

Anyone can contribute to an ABLE account – including the account owner, friends, family, organizations, nonprofits, and employers – up to $16,000 per year. If the account owner is working and not already contributing to a workplace retirement plan, they can contribute an additional amount equal to their current year’s gross income (up to a maximum of $12,880 in 2022).  There are lifetime balance limits for the various state ABLE Programs, which range from around $400k to over $500k.

Through an ABLE account, imagine for the first time having: 

• The opportunity to save over a $2,000 limit;
• The ability to accumulate wealth without jeopardizing eligibility for benefit programs;
• The ability to save for a down payment on your first home;
• The choice to work more for the chance to earn more income; and
• The empowerment of changing your financial plan from monthly to yearly.

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Last Updated: 07/25/22