Treasurer Russell encourages eligible Connecticut residents to open an ABLE CT account on National ABLE Savings Day

08/14/2026

Tax-advantaged accounts provide financial opportunities for individuals with disabilities and their families

Hartford, Connecticut - Today marks the third annual National ABLE Savings Day, shining a spotlight on the importance of ABLE savings plans and the value they bring to those living with disabilities.

"An ABLE CT account is much more than a savings account," said Connecticut Treasurer Erick Russell, whose office administers the ABLE CT program. "It's a tool that empowers people with disabilities to pursue their goals with greater confidence and independence. They can save for education, housing, transportation, and more, without jeopardizing their critical public benefits."

The federal ABLE program was established in through the Stephen Beck, Jr., Achieving a Better Life Experience (ABLE) Act of 2014. ABLE plans provide financial opportunities for individuals with disabilities and their families by allowing them to accumulate savings that do not count against federal means-tested benefits like SSI and Medicaid. Earnings on ABLE accounts are federal tax-deferred, and withdrawals are tax-free as long as they are used for qualified disability-related expenses.

Connecticut also offers valuable incentives to residents who open ABLE CT accounts. Eligible taxpayers can deduct up to $5,000 in annual contributions ($10,000 for joint filers) from their Connecticut income taxes.

"More Connecticut families are discovering the value of ABLE CT every year," continued Treasurer Russell. "It gives people with disabilities the chance to save with confidence. We are committed to expanding awareness of this important program so that every eligible resident has access to the financial tools they need to improve their lives."

Signing up for an ABLE CT account is fast and easy. Individuals can sign up for their own accounts, and entities such as group homes can also manage accounts for all eligible people in their care. For more information, visit ct.savewithable.com.

About the Office of the Treasurer

The Office of the Treasurer is charged with safeguarding Connecticut's financial resources through prudent cash management and debt management, with the State Treasurer serving as principal fiduciary for six state pension and thirteen state trust funds. Additionally, the Office enhances the state's fiscal stability through programs promoting financial literacy and college savings, and it leverages business partnerships to support the advancement of Connecticut's social and policy priorities, including combating gun violence and protecting our environment. The Office of the Treasurer is led by State Treasurer Erick Russell, the first Black, out LGBTQ person to win an election for statewide office in American history. To learn more, visit portal.ct.gov/ott.

Contact: Brett Cody
[email protected] | (959) 529-2468