Wisconsin DFI Celebrates National ABLE Savings Day

MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI) today announced the agency will celebrate the first National ABLE Savings Day on Wednesday, August 14, 2024. The DFI joins ABLE (Achieving a Better Life Experience) advocates across the country who want to share the value and importance that these plans bring to people living with disabilities.

In celebration of National ABLE Savings Day, the DFI encourages the public to participate in a series of webinars hosted by ABLE Today and the ABLE Savings Plans Network to learn more about ABLE accounts. These webinars are free and open to the public, but registration is required.

• “ABLE Account 101” – Monday, August 12, at 1 p.m. Central Time
• “How Can Employers Promote ABLE as a DEIA Tool?” – Wednesday, August 14, at 1 p.m. Central Time
• “I Have an ABLE Account, Now What?” – Wednesday, August 21, at 1 p.m. Central Time

To learn more about these webinars and register to attend, visit the webinar registration webpage.

The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities. On April 4, 2024, Governor Tony Evers signed 2023 Senate Bill 668, now 2023 Wisconsin Act 267, which requires the DFI to implement an ABLE savings account program either independently or through a collaborative agreement with another state or states. 2023 Wisconsin Act 267 goes into effect on January 1, 2025, and gives the DFI until August 1, 2025, to determine the best option for implementing a program.

“ABLE accounts can change the way individuals with disabilities and their families participate in the community, build financial wellness, and plan for the future,” said Governor Evers. “I am proud to have taken action to make this critical financial empowerment tool a reality for Wisconsinites with disabilities,” added Evers.

Many individuals with disabilities depend on public benefits for income, health care, food, and housing. Needs based programs like Supplemental Security Income (SSI) and Medicaid restrict eligibility to people with less than $2,000 in assets, making it difficult to save for long-term goals and build wealth. ABLE accounts allow people with disabilities to save money that in most circumstances does not count towards asset limitations set by means-tested benefit programs.

According to the National Association of State Treasurers, more than 162,000 Americans with disabilities have collectively saved $1.7 billion in an ABLE account. With an average account balance of more than $10,000, ABLE accounts are empowering many to save more than asset limits and plan for their future.

“ABLE accounts help with independence, build confidence, encourage employment, and improve quality of life,” said DFI Secretary Cheryll Olson-Collins. “We are thrilled to bring this important savings option to the people of Wisconsin.”

Contributions to ABLE accounts can come from employment earnings, family, friends, and other sources. Earnings on the investments in an ABLE account grow tax free from state and federal taxes and are never taxed when used for qualified disability expenses, which are broadly defined as supplies and services related to the account owner’s blindness or disability that assists them in increasing and/or maintaining their health, independence and/or quality of life. These may include expenses related to education, food, housing, transportation, employment training and support, assistive technology, personal support services, health care expenses, financial management and administrative services, and other expenses.

To learn more about ABLE accounts, the DFI recommends resources available through the ABLE National Resource Center and the National Association of State Treasurers’ ABLE Today initiative.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.