People with ABLE Savings Plan Can Save More in '24

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Jan. 4, 2024

People with Washington State ABLE Savings Plans Can Save More in ‘24

The Washington State ABLE Savings Plan program helps people with disabilities save money for the future without disqualifying themselves for significant state and federal benefits. In 2024, the amount a person can save in their ABLE account is increasing.

Account holders can receive up to $18,000 in contributions from family and friends in 2024, an increase of $1,000 over 2023. This amount is tied to a tax law provision that limits the size of financial gifts that can go untaxed.

People with ABLE accounts who have jobs can save an additional $14,580 from paid employment in 2024, as long as they are not getting retirement account contributions at work. That's an increase of over $13,590 in 2023. It is the dollar amount that federal guidelines define as the poverty level for a one-person household, a figure that is adjusted every year.

More contribution rules and limits are detailed on the Social Security, ABLE Account webpage.

The money from an ABLE account can be used for everyday needs or unexpected events. The eligible expenses are geared toward improving health, independence, and quality of life, including education, housing, transportation, health care, and more.

The Department of Commerce administers the ABLE program in Washington. Learn more about ABLE and other programs supported by the department’s Disabilities Workgroup on their homepage.

Disclaimer: Request and read the Plan Disclosure and Participation Agreement, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.

More information: 1.844.600.2253 |