Treasurer Sprague recognizes August as ABLE to Save Month – The Paulding County Progress

COLUMBUS August is ABLE to Save Month, and Ohio Treasurer Robert Sprague isusing the occasion to tout the importance of STABLE accounts andhighlight the programs record-setting growth. ABLE to Save Month is anational campaign that shines a light on ABLE programs across the nationand how they enhance financial independence for people living withdisabilities.

Since January 2019, Ohios iteration of an ABLEprogram, STABLE Account, has seen overall participation grow three-fold,with total enrollment nearing 30,000 active accounts.

ABLE toSave Month is the perfect time to promote the financial empowerment andindependence that STABLE accounts provide for people living withdisabilities, said Sprague. These accounts are life-changing as theyhelp individuals to save and invest money, while also staying in theworkforce. Were proud to continue the growth of STABLE Account and lookforward to empowering more Ohio families.

STABLE accounts are529-like specialized savings and investment accounts for people livingwith disabilities. Accountholders can save up to $16,000 without losingfederal assistance, and they can save an additional $12,880 each year iftheyre employed. Earnings on STABLE accounts grow tax-free if they arespent on qualified expenses, which include housing, transportation,living expenses, healthcare, assistive technology, and more.

TheSTABLE Account program was launched in 2016 following passage of thefederal Achieving a Better Life Experience (ABLE) Act. Prior to the ABLEAct, individuals with disabilities could only save $2,000 before losingmeans-tested benefits, such as Medicaid or Supplemental Security Income(SSI). Additionally, asset limits hindered opportunities to join theworkforce. These regulations made it difficult for many people to work,save, and invest, creating barriers to financial independence.

Inrecent years, the Treasurers office has partnered with several privateand public sector employers across Ohio to enable eligible employees tomake recurring deposits into STABLE accounts directly from theirpaychecks.

Through STABLE Account, Ohioans living withdisabilities can enjoy a higher quality of life and build a strongfinancial future. Signing up for a STABLE account takes about 20 minutesand can be done online from home. For more information about STABLEaccounts and to sign up, visit http://www.stableaccount.com.

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Treasurer Sprague recognizes August as ABLE to Save Month - The Paulding County Progress