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Monday, January 30, 2017

Illinois ABLE Savings Program Now Available for Qualified Persons with Disabilities

The Illinois ABLE program is a tax-advantaged investment program that provides persons with blindness or disabilities the option to save for disability-related expenses without putting their federal means tested benefits at risk.

After almost two years of negotiations, the State of Illinois announced that Illinois will lead the National Achieving Better Life Experience (ABLE) Alliance, the country’s largest multi-state agreement for special investment tools that allow for tax-free investment growth when proceeds are spent on qualifying disability-related expenses.

To qualify for the program, the account holder must have developed a disability or blindness before the age of 26. A person who meets the age requirement, qualifies for Social Security Administration benefits or has received a waiver from the IRS will qualify for an account.

Illinois ABLE Is a member of the National ABLE Alliance, a partnership of 14 states representing over one quarter of the population of the United States. The goal of the National ABLE Alliance is to provide the most robust ABLE services possible at the lowest cost to account owners.

The ABLE Alliance also includes Alaska, Arizona, Indiana, Iowa, Kansas, Missouri, Minnesota, Montana, Nevada, New Jersey, North Carolina, Pennsylvania and Rhode Island. Each state will have a unique start date for the program. Additionally, Illinois’ ABLE investment program is open to residents of other states.

To Sign Up For Your Own ABLE Account, and Frequently Asked Questions: 
Visit the State of Illinois Save with ABLE website.

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