Treasurer Smith Celebrates the First National ABLE Savings Day

DES MOINES, Iowa - State Treasurer Roby Smith is celebrating the first National ABLE (Achieving a Better Life Experience) Savings Day on August 14. "ABLE accounts can change the way individuals with disabilities and their support system participate in the community, plan for the future and build financial wellness," Smith said. "There are so many other obstacles to living with a disability; saving shouldn't be one of them. Join me in celebrating the 2,800+ IAble Account Owners and thousands of other ABLE savers across the nation who are pursuing financial freedom."

The ABLE Act gave Americans with disabilities a chance to save and invest for their future by allowing states to create their own ABLE plans. These accounts help save money needed to pay for the added expenses that come with having a disability without losing access to federal means-tested benefits.

IAble, Iowa's ABLE plan administered by Smith, protects an Account Owner's money from asset caps placed on federal benefits. Up to $100,000 in an IAble account is disregarded from Supplemental Security Income (SSI) eligibility, and any amount saved in an Account is disregarded from eligibility for Medicaid, Supplemental Nutrition Assistance Programs (SNAP), Housing and Urban Development (HUD) and other benefit programs.

IAble Account Owners can choose from six Investment Options, a Checking Account Option or a mix of up to all seven options. IAble also offers tax advantages. Earnings on the investments in an IAble account grow tax free from state and federal taxes and are never taxed when used for qualified disability expenses including housing, food, basic living expenses, assistive technology, support services, transportation and more. Iowa taxpayers can deduct up to $5,500 of their contributions to an IAble account from their 2024 state income taxes.

"For this first-ever National ABLE Savings Day, consider making an extra contribution this month, if possible. Not a saver and interested to see if you or someone you know may be eligible to save with IAble? Visit iable.gov/eligibility/eligibility-quiz to take our eligibility quiz," concluded Smith.

To learn more about IAble, visit IAble.gov or call (888) 609-8910. Connect with the Treasurer on Facebook, Instagram and X to stay informed on current events and updates. For additional details, read the IAble Plan Disclosure Booklet.

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