The Pennsylvania Treasury Department

14/08/2024 | Press release | Distributed by Public on 14/08/2024 14:14

Treasurer Stacy Garrity Celebrates National ABLE Savings Day

Harrisburg, PA - Treasurer Stacy Garrity today celebrated the first-ever national ABLE Savings Day, a collaboration of ABLE programs across the country to increase awareness about ABLE (Achieving a Better Life Experience) accounts. Treasurer Garrity is the chair of the national ABLE Savings Plans Network (ASPN) and a strong advocate for ABLE programs. The Pennsylvania Treasury Department administers PA ABLE for Pennsylvanians with disabilities.


ABLE programs, like PA ABLE, give individuals with qualifying disabilities a tax-free way to save and invest without impacting important benefits like Medical Assistance (Medicaid) and Supplemental Security Income (SSI).


"ABLE Savings Day is the perfect time to spread the word and make sure as many people as possible know about the great opportunity for financial security that ABLE accounts can provide. PA ABLE and other ABLE programs empower people with disabilities to plan and save for the future, something that was once impossible to do. I'm proud that PA ABLE is one of the largest programs in the country, and it's still growing quickly."


Pennsylvania State Treasurer Stacy Garrity

To promote ABLE programs, free webinars are being offered during August by ABLE experts, including:


According to the National Association of State Treasurers (NAST), more than 162,000 Americans with disabilities have collectively saved $1.7 billion in ABLE accounts. With an average account balance of more than $10,000, ABLE accounts are empowering many to save. More than 9,400 of those are PA ABLE accounts that account for nearly $130 million in assets.


PA ABLE offers seven different investment options, including an interest-bearing checking account. Account owners, along with family members and friends, can contribute up to $18,000 per year to a PA ABLE account. Contributions can be deducted from Pennsylvania state income taxes, earnings grow tax-free, and no taxes are owed for qualified withdrawals.


Since taking office, Treasurer Garrity has reduced fees three times for PA ABLE account owners and unveiled a brand-new, redesigned website for the program, paable.gov. She is the inaugural chair of the National ABLE Savings Plans Network, a part of NAST dedicated to growing awareness, engagement and growth of ABLE plans nationally.


Currently, to be eligible to save with PA ABLE, a person's disability must onset prior to their 26th birthday - but the age limit will increase to 46 starting on Jan. 1, 2026. This is thanks to the ABLE Age Adjustment Act, which will expand ABLE eligibility to millions more Americans including one million Veterans. Senator Bob Casey sponsored the legislation, which was supported by virtually all of Pennsylvania's Congressional delegation.


To learn more, visit paable.gov or call (855) 529-2253.