August is ABLE to Save Month, a time to highlight a savings program that is very special to me and the entire team at the State Treasury.
For those who are unfamiliar with the ABLE Savings Program, prior to 2014, Americans with disabilities were extremely limited in how much they were able to save. In fact, just $2,000 in savings could disqualify someone from receiving other necessary support.
In December 2014, however, things changed. Congress passed the ABLE Act, giving thousands of Mississippi families a path to greater financial stability.
Today, those with disabilities and their families can set up an ABLE account, which allows them to save money without jeopardizing necessary benefits. These are tax-advantaged accounts that can be used to pay for disability-related expenses, including education, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management, administrative services, and more.
To help get more families involved with the program, Mississippi is celebrating ABLE to Save Month with an unprecedented giveaway. More specifically, the Mississippi Council on Development Disabilities is offering $100 to the first 20 people who open an account in August 2021, as well as a $500 grand prize at the end of the month! To learn more about the ABLE program, please visit www.MississippiABLE.com.
To be eligible for an ABLE account, the disability’s onset must have occurred before the beneficiary turned 26 years old. If you or your loved one meet that criteria and receive SSI or SSDI benefits, you are automatically eligible to open an ABLE account. Even if you don’t meet those criteria, you might still be eligible, but additional paperwork will be necessary before enrolling. Once you’ve opened an ABLE account, the beneficiary, as well as their family and friends, can contribute to it. Then, families or the beneficiaries themselves get to choose how the money is invested, giving you the opportunity to grow your savings over time.
If you believe an ABLE account would benefit you or a family member, you are welcome to call my office at (601) 359-3600. We are ready to help more Mississippians become ABLE to save.
Mississippi Treasurer David McRae is the 55th Treasurer for the State of Mississippi. In this role, he helps manage the state’s cash flow, oversees College Savings Mississippi, and has returned more than $30 million in unclaimed money to Mississippians. For more information, visit Treasury.MS.gov.