EVERGREEN PARK, Ill. – A new law sponsored by state Rep. Kelly Burke, D-Evergreen Park, designed to make it easier for people with disabilities to save money for future expenses was officially kicked off this week.
“The new ABLE savings program will allow individuals to save for their future without risking their disability benefits,” Burke said. “These funds will truly help our most vulnerable residents thrive and live their lives to the fullest.”
Burke sponsored a new law enabling Illinois to lead a partnership with 14 other states to help disabled and blind residents save for their future expenses using Achieving a Better Life Experience (ABLE) savings accounts. These savings accounts operate similarly to 529 college savings plans, with the earnings on the funds being exempt from taxation. These accounts also don’t jeopardize the ability of beneficiaries to participate in federal aid programs. Previously, individuals on these aid programs were only allowed to save up to $14,000. Thanks to the ABLE program, they can now save up to $100,000 for use on qualified disability expenses.
Those interested in learning more about the ABLE program or who are interested in setting up an account, can visit https://savewithable.com/il/home.html.