Q. I opened an ABLE Account recently and just got my first job. How much can I put in my ABLE Account this year?
A. Congratulations on getting your first job! The ABLE (Achieving a Better Life Experience) Account is a way to save money without affecting your public benefits such as Supplementary Security Income (SSI) and Medical Assistance (MA). As you may know, these public benefit programs have asset limits. The ABLE Account allows people to save up to $15,000/year more without it affecting eligibility for public benefits. An ABLE account also allows an employed person with a disability (you) to save an additional $12,060 per year from your work earnings. Doing the math, this means you can save up to $27,060 without affecting SSI and MA. A huge advantage of an ABLE account is being able to save for a car, education, a vacation, and other things you are dreaming of doing. To learn more about the ABLE Account, visit www.savewithable.com/mn, or reach out to The Arc Minnesota for more information.