Treasurer Stacy Garrity Celebrates National ABLE Savings Day, Encourages Pennsylvanians with Disabilities to Save with PA ABLE

Harrisburg, PA - Pennsylvania Treasurer Stacy Garrity today is recognizing National ABLE Savings Day and encouraging Pennsylvanians with disabilities and their families to learn more about the PA ABLE (Achieving a Better Life Experience) Savings Program. PA ABLE accounts provide a tax-free way to save for disability-related expenses without impacting eligibility for important benefits.

"Saving with PA ABLE gives our friends, family and neighbors with disabilities a way to save for a financially sound future - something that was nearly impossible to do without ABLE programs. National ABLE Savings Day is the perfect opportunity to make sure as many Pennsylvanians as possible know about this incredibly flexible tool that can really increase independence and financial security for so many."

Since taking office in 2021, Treasurer Garrity has reduced fees for PA ABLE account owners multiple times. The program has quadrupled in size during her time in office, becoming the fifth largest ABLE program in the country with more than 13,000 accounts and nearly $220 million saved.

PA ABLE recently completed a conversion to a new program manager, Vestwell, increasing the program's capabilities and providing new and enhanced features for PA ABLE account owners such as an improved account portal, a mobile app, a customizable prepaid card and more.

PA ABLE accounts are available to Pennsylvanians whose disability was onset prior to their 46th birthday. More than one million veterans nationwide are now able to save with ABLE programs.

There are different investment options to choose from with PA ABLE, and account owners can contribute up to $20,000 annually. Contributions up to $19,000 can be deducted on PA state income taxes.

Savings can be used for a wide variety of disability-related expenses, such as groceries, rent, transportation, healthcare, education, vehicle modifications, assistive technology and more.

Treasury will host a webinar on Tuesday, Aug. 18 at 12 p.m. discussing how the PA ABLE Savings Program and Social Security disability programs work together. Interested participants can register at paable.gov/webinars.

Visit paable.gov to learn more about how to save with PA ABLE.

To learn more about Pennsylvania Treasury, visit patreasury.gov and be sure to stay up to date with all Pennsylvania Treasury news on Facebook (PA Treasurer Stacy Garrity) and Instagram (@PATreasury).