The new year is the perfect time to review and reflect on your achievements and progress over the past year – and most importantly, set goals for the upcoming year ahead. 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 an account can provide.
In 2023, we are excited to announce several new account enhancements, as well as helpful tips for you to start the new year by getting your finances in shape.
Annual contribution limit and ABLE to Work increases
The annual contribution limit has increased – now account holders can save up to $17,000 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 working and not participating in an employer-sponsored retirement plan may contribute above the annual contribution limit of $17,000, up to $30,590. The additional contribution is based on the lesser of:
- The account holder’s compensation for the taxable year; or
- The federal poverty line for a one-person household ($13,590 in 2023).
ABLE Age Adjustment Act, effective January 1, 2026
In case you missed it, the Florida House of Representatives signed off on the Omnibus Spending Package, which included the ABLE Age Adjustment Act, increasing the qualifying age of disability onset from 26 years old to 46.
This will officially go into effect on January 1, 2026, and will open the door for an additional half million individuals with disabilities to establish ABLE accounts and start saving.
Tips for financial success in 2023
Now is the time to get your finances in shape. We collaborated with ABLE United Brand Ambassador and Certified Financial Planner Keith Seago to provide eight tips. Jot these tips down as you put together your plan for this year.
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