Maryland ABLE December 2021 Newsletter

Maryland 529 sent this bulletin at 12/13/2021 02:35 PM EST

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December 2021 Newsletter

Celebrating Maryland ABLE's 4th Anniversary

On November 27^th, Maryland ABLE celebrated four years of supporting people with disabilities and their families in their efforts to save and invest for A Better Life Experience. We value our 4,200 account holders and take pride in knowing that they are able to plan for their future without jeopardizing critical benefits such as SSI and Medicaid. Together they have been able to save over $41.6 million to help support their independence and financial stability. We enjoy hearing from our account holders who share stories of using their ABLE account to pay rent on their own apartment, transportation to their jobs and other qualified disability expenses that support their goals and dreams. As we celebrate the growth of the Maryland ABLE program over the past four years, we are grateful to the disability advocates, legislators, and State officials who continue to make this program possible.

Introducing the ABLE Fixed Income Portfolio

The ABLE Fixed Income Investment Option seeks to provide current income and reduced volatility in a portfolio of mutual funds allocated 100% to bonds. Overall, this portfolio is designed to reduce risk and provide limited appreciation potential, as well as provide for a shorter investment period. The Program Disclosure provides a more detailed summary of the Mutual Funds invested under this investment option.

New Contribution/Distribution Control Feature

Maryland ABLE account holders can now direct what portion of each contribution/distribution comes from specific portfolios they hold. Previously, account holders had to set a percentage to be applied to an investment and/or cash option and contributions and distributions always reflected that percentage split. Now, the account holder can choose to invest in more than one investment option and/or the cash option and make contributions or distributions from each portfolio per transaction.

Annual Contribution Limit Increases in 2022

ABLE’s standard Annual Contribution Limit is tied to the annual gift tax exclusion set by the IRS. The annual exclusion for gifts will increase to $16,000 for 2022, up from $15,000. Therefore, effective January 1, 2022 the standard Annual Contribution Limit for an ABLE account will increase to $16,000 per calendar year.

Holiday Gifting

Use your Maryland ABLE Gifting Page to add a gift contribution to your holiday wish list! As we begin the holiday season, make it easy and convenient for family and friends to give you a meaningful gift that helps promote your independence and financial stability. In just a few minutes you can set up your gifting page to request gift contributions to your ABLE account. Gifts go directly into your ABLE account and you can choose when and how you want to use the money. Learn how to set up your gifting page.