In 2014, Congress created a type of savings account for individuals with disabilities, providing certain tax and other benefits, through the Achieving a Better Life Experience (ABLE) Act. These accounts look like retirement or college savings plans, but ABLE account beneficiaries are allowed a wide range of uses for both short and longer-term expenses related to their disability.
ABLE accounts are now offered by many states, individually or in partnerships. Wisconsin does not offer ABLE at this time, but residents may open an ABLE account with another state if they permit it. The same federal rules apply to all ABLE plans. Eligibility and tax benefits vary from state to state. Consult with professional counsel to see how this may affect your situation.
To learn more and for more resources, read these Frequently Asked Questions.
The Wisconsin Department of Financial Institutions (DFI) works with Voya, Inc. as part of the Wisconsin College Savings Program. Voya does not work directly with DFI or other states to offer an ABLE program; however, through the Voya Cares site, Voya offers the following resources for all to use and learn about ABLE accounts:
- ABLE Infographic
- ABLE Employee Flyer
- Brochure Voya Cares ABLE
- For Employers: (both can be used as presentations for employees)
Additional resources available through NAST/CSPN
- ABLE to Save Month toolkit
- Learn more about ABLE plans available all over the country
- Debunk some of the ABLE Savings Plans myths
- There are over 91,000 ABLE accounts open nationwide. Are you one of them? Learn more about Specific Program
For additional information, contact the Office of Financial Capability Director Jessica Wetzel at (608) 264-7886 or emailJessica.Wetzel@dfi.wisconsin.gov.