ABLE Accounts: Save money without losing critical federal benefits.
Reprint from Disability Scoop
Did you know? With an ABLE account, people with disabilities and their families can save money without losing critical federal benefits, such as SSI or Medicaid.
Money saved in an ABLE account can help pay for a wide range of expenses that come with living with a disability: therapy, assistive technology, job training and coaching; even daily living expenses, such as groceries and rent, are among the expenses that the ABLE
Open Anytime, from Anywhere — No State Residency Requirement
Eligible individuals — or their authorized individuals — can open an IL ABLE account at any time, no matter where they live.
Protect Your Federal Benefits
Save up to $100,000 without affecting Supplemental Security Income (SSI) — something a regular checking account can’t do. And, you don’t have to be receiving benefits to own an IL ABLE Account.
Save More, Spend Tax-Free
Contribute up to $19,000 in 2025 and up to $15,060 more for working account owners. Earnings and withdrawals are tax-free when used for qualified expenses.
Peace of Mind
Many IL ABLE Account Owners also have a special needs trust or consider their account to be a retirement vehicle. The IL ABLE account is that flexible!
Great news!
Starting January 1, 2026, the eligibility requirement will increase to disability onset before age 46. About six million more Americans, including many veterans, will become eligible to own an ABLE account and can start saving for expenses that help to improve health, quality of life, and independence.
For more information visit The ABLE National Resource Center
