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HARRISBURG, PA — Treasurer Joe Torsella announced that the PA ABLE Savings Program (PA ABLE) has surpassed $30 million in assets, reaching more than $30.5 million. PA ABLE currently benefits nearly 3,500 account owners and is the largest program in the National ABLE Alliance.
“The continued growth of PA ABLE shows what can happen when government puts people first, and works with great partners in the advocacy community. Before PA ABLE, Pennsylvanians with disabilities risked losing important benefits if they tried to save their own hard-earned money. PA ABLE is a life-changing tool and provides a path to more independent living and the ability to build real wealth, things that once seemed impossible,” said Joe Torsella, Pennsylvania State Treasurer.
PA ABLE offers Pennsylvanians with disabilities access to seven different savings and investment options including an interest-bearing checking account with accompanying debit card. Saving with PA ABLE does not jeopardize eligibility for federal and state benefits, such as Supplemental Security Income (SSI) (savings up to $100,000) and Medical Assistance.
Account owners benefit from tax-advantaged savings with no federal or state income tax on savings growth or withdrawals for qualified disability-related expenses. Qualified expenses include housing, education, transportation, healthcare and others. PA ABLE accounts are also exempt from PA inheritance tax. PA ABLE contributions up to $15,000 per year can be deducted on state income taxes — a benefit exclusive to the PA ABLE Savings Program.
PA ABLE launched in April of 2017 after passage of the PA ABLE Act. Sen. Lisa Baker and former Rep. Bernie O’Neill were instrumental in the passage of Pennsylvania’s ABLE legislation. Federal legislation authorizing states to create ABLE programs was championed by Pennsylvania’s U.S. Senator Bob Casey.
To learn more about the opportunity to save with PA ABLE, please visit PAABLE.gov or call 1-855-529-ABLE (2253).