WebMar 9, 2024 · Earnings grow tax-free in Palmetto ABLE accounts when distributions are used for qualified disability-related expenses. Up to $17,000 per year can be added to an ABLE account, and the program allows up to $13,590 per year of additional contributions of income by an employed account owner. Web“Palmetto ABLE ® accounts are easy to open and allow individuals to save for both short and long-term needs. We are grateful to our disability partners like the Charles Lea Center for their support, and I am pleased to thank them publicly for their assistance.”
THE HONORABLE CURTIS M. LOFTIS, JR. State Treasurer
WebWith more than 2,600 account holders and $22 million assets under management, the Palmetto ABLE Savings Plan has become one of the fastest growing plans in the nation. Loftis is a fierce advocate for greater accountability, transparency and fiscal management in state government. WebThe Palmetto ABLE Savings Program is offered through a partnership with the STABLE Account Plan. STABLE Accounts are not guaranteed or insured by any state, any state agency or subdivision thereof, or their authorized agents or affiliates. You could lose money by investing in a STABLE Account. cost of alrex
Celebrating ABLE to Save Month with our Partners
Web• A Palmetto ABLE account is similar to a 529 college savings account or 401(k) retirement plan and can work alongside a special needs trust. Individuals can access … WebThe purpose of the Palmetto ABLE Savings Program is to authorize the establishment of savings accounts empowering individuals with a disability and their families to save private funds which can be used to provide for disability related expenses in a way that supplements, but does not supplant, benefits provided through private insurance, the … WebThrough the Palmetto ABLE Savings Program, you can open and maintain a STABLE account while keeping your federal and state benefits (SSI, SSDI, Medicaid, SNAP, TANF, HUD Assistance, Section 8, etc.). If you receive Supplemental Security Income (SSI), there is a $100,000 limit before funds start counting against your $2,000 asset limit. cost of a locksmith