ABLE broker Accounts

ABLE National Resource Center Account Type

　　ABLE accounts, also known as 529A accounts, are specialized savings and investment accounts designed for individuals with disabilities. These accounts allow eligible individuals to save and invest money without jeopardizing their eligibility for certain government benefits, such as Supplemental Security Income (SSI) and Medicaid. Contributions to ABLE accounts grow tax-free, and withdrawals for qualified disability expenses are also tax-free. The types of expenses that can be covered include education, housing, transportation, employment training, and healthcare.

ABLE National Resource Center Broker Account Opening Process

　　Eligibility Verification: To open an ABLE account, the individual must have had a significant disability onset before age 26. There is no age limit for opening the account.
　　Research State Programs: Each state has its own ABLE program. Individuals can choose to open an account in any states program, regardless of their residence.
　　Gather Necessary Information: Collect personal identification documents, proof of disability, and any other required forms or certifications.
　　Visit the State ABLE Program Website: Access the website of the selected ABLE program to obtain the account opening application.
　　Complete the Application: Fill out the application form with accurate and relevant information. Most applications are completed online.
　　Initial Contribution: After receiving approval, individuals will be instructed on how to fund the account. The initial minimum contribution usually ranges from $25 to $50.
　　Account Management: Once the account is funded, individuals can manage their funds according to their specific needs and objectives. They can also change their investment options twice per calendar year.