As we start the new year, we encourage ABLE United account holders and those considering opening an account to set their sights on saving – and to educate themselves on all the benefits that accounts provide.
With new account enhancements and increased flexibility in place, it’s now easier than ever to open and manage an account.
Expansion of administrative capacity
Until recently, only certain individuals, such as a parent of a minor, a power of attorney (agent), or legal guardian, could serve in an administrative capacity over an ABLE account. Now, more individuals can serve in an administrative capacity over an ABLE account, including a spouse, parent, sibling, or grandparent.
Annual contribution limit and ABLE to Work increases
The annual contribution limit is increasing, which now allows account holders to save up to $16,000 per calendar year. Take advantage of our gifting page feature and hit your savings goals with the help of friends, family, or even an organization.
Also, those account holders who are working, and do not participate in an employer-sponsored retirement plan, may contribute above the annual standard contribution limit of $16,000. The additional contribution is based on the lessor of:
- The account holder’s compensation for the taxable year; or
- The federal poverty line for a one-person household ($12,880 in 2022).
You can now book a 1:1 conversation with John Finch, the Director of ABLE United for 15 minutes to discuss topics like eligibility, how ABLE accounts work with benefits, and enrollment.