Money Mondays: Tips for Opening Your ABLE Account

Have you heard about ABLE Accounts yet? An ABLE Account offers certain individuals with a disability a tax-free way to save for disability-related expenses. Today, we're sharing information that will help you when you're opening your ABLE account.

If you have a disability that began before age 26 and meets the eligibility criteria outlined in the Achieving a Better Life Experience (ABLE) Act, you or a person legally authorized to act on your behalf may open and manage the account.

An ABLE Account allows you to save up to $14,000 per year of your own earnings from work, or with the help of contributions from family, friends, or an employer. Savings up to $100,000 do not affect public benefits at all!

Questions to Ask

To see whether your state is one of the 28 states with an ABLE program, visit the state review. A few states offer their program to in-state residents only, but most enroll individuals from other states. Before you open an ABLE Account, you may want to ask these questions:

• Am I a resident of this state? If not, is the enrollment open to non-residents?
• Is there a minimum contribution to open the account?
• Is there a monthly or annual fee?
• Is there a debit card available?

Information You'll Need

After you decide to open your account in a particular state, click on that state in the state review to access the program website and complete the online application. Some states, but not all, have an application you can download. You'll need the following information and to make a few choices:

1. Personal identification
   • Federal law requires name, street address, date of birth, and Social Security number, among other information, to verify your identity.
2. Identification of your disability
   • Some applications include various categories. If you don’t receive Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits, you will need general information about the disability you certify began before age 26.
3. Information about anyone authorized on your account
   • This includes your legal guardian, conservator, or someone with power of attorney, or a parent or guardian of an account holder who is a minor.
4. Banking information
5. Investment options
   • Choices may include multiple savings and investment options with varying degrees of investment risk.

In addition to deciding how your money will be invested, you will be asked whether you would like to establish recurring deposits or withdrawals. These may include payroll deposits from an employer or withdrawals for recurring expenses like rent or utilities.

For more information about the ABLE Act and ABLE programs, please visit the ABLE National Resource Center. To stay up-to-date with the latest state and local news, sign up for email notifications.

About Ticket to Work

Social Security's Ticket to Work (Ticket) program supports career development for people ages 18 through 64 who receive Social Security disability benefits (SSI or SSDI) and want to work. The Ticket program is free and voluntary. It helps people with disabilities move toward financial independence and connects them with the services and support they need to succeed in the workforce.

Learn more

To learn more about the Ticket program, visit www.ssa.gov/work. You can also call the Ticket to Work Help Line at 866-968-7842 or 866-833-2967 (TTY) Monday through Friday, 8 a.m. to 8 p.m. ET. Ask a representative to send you a list of service providers or find providers on your own with the Ticket program Find Help tool.