The Alabama State Treasurer’s Office and the Alabama Savings Board awarded the first 101 qualified Alabama ABLE Savings Plan account owners with a $101 contribution into their newly opened Alabama ABLE account.
The official Alabama ABLE Savings Plan launched on May 17, 2021, to provide those in the disability community with a savings tool that makes gaining financial independence achievable without impacting their public benefits. Individuals are able to save up to $100,000 in an ABLE account and still keep their benefits such as SSI and Medicaid.
“We want to encourage individuals to take a look at the benefits of the newly launched Alabama ABLE Savings Plan designed specifically for Alabamians. The promotion helped with this, and highlighted the new state tax deduction on contributions,” explained Alabama Savings Plan Director Anita Kelley.
ABLE participants may use the savings for a wide range of qualified disability expenses – from medical costs to education, assistive technology, service animals, housing, transportation, basic living expenses and more.
For more information about the Alabama ABLE Savings plan or to enroll, visit alabamaable.gov or call 833-711-2253.