INDIANA – Many Hoosiers with disabilities are achieving life goals such as living independently, buying their first vehicle, furthering their education, and saving for the future with INvestABLE Indiana.
INvestABLE Indiana offers seven investment options, including a checking account option with a debit card. Last year, the annual contribution limit for ABLE accounts increased by $16,000, an increase of more than 6% to allow savers to deposit even more into their accounts and experience lower fees. Up to $16,000 per year can be saved in an account, with a maximum account balance of $450,000. The average account balance is over $8,500. Individuals receiving Supplemental Security Income (SSI), can save up to $100,000 in their INvestABLE Indiana account and not risk losing their monthly SSI benefit.
Money can be withdrawn and spent on qualified expenses or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings. Contributions and earnings in INvestABLE Indiana accounts are not subject to federal or state income tax if spent on qualified expenses. Contributions are made with post-tax dollars.
INvestABLE Indiana recently surpassed a milestone with more than $14 million in total assets under the program’s management. More information about INvestABLE Indiana, including how to open an account, can be found here.
