ABLE Account Overview - ABLE (Achieving a Better Life Experience) accounts allow individuals with disabilities to save and invest up to $100,000 without affecting government benefits like Supplemental Security Income (SSI) [2] - Funds in ABLE accounts grow tax-free, and withdrawals for qualifying disability-related expenses (housing, transportation, healthcare) are exempt from federal and state income tax [2] - As of now, approximately 8 million people have ABLE accounts, holding total assets of around $2.5 billion [4] Eligibility and Expansion - Currently, eligibility requires receiving Social Security disability benefits or SSI, or having a physician's statement indicating disability onset before age 26 [4] - Starting January 1, 2026, the age of disability onset for eligibility will increase to 46, potentially increasing the number of eligible individuals by roughly 50%, estimating 15 million people eligible [5][6] Contribution and Tax Advantages - There are generally no income limits to contribute to an ABLE account for an eligible beneficiary [4] - Annual contribution limits are tied to the annual gift tax exclusion, which is $19,000 for the current year and expected to increase with inflation [7] - New tax laws allow rolling over 529 education savings plans into ABLE accounts for families with a member who has a disability, providing a new avenue for utilizing those funds [8][9] - Lower and moderate-income families eligible for a savers credit can also apply it to an ABLE account [9] State Programs - While a federal law created the ABLE program, the accounts are set up by states, similar to 529 savings plans [3] - 46 states and Washington DC have ABLE account programs, and some plans, like Virginia's, are open to out-of-state residents [3]