Rainy Day Savings with ABLE United
The following is a guest post from our partners at ABLE United.
Life can be unpredictable. With an ABLE United account, you can be better prepared for whatever comes your way. Often referred to as a rainy day fund, ABLE United has helped thousands of Floridians with disabilities save for today, tomorrow, and the unexpected – all without losing the important benefits that they rely on now or in the future.
A rainy day fund is meant to cover unanticipated expenses, such as wheelchair repairs, medical procedures, or travel accommodations. But the disability community was at a disadvantage because many of them were unable to save for emergencies or rely on personal funds for the unexpected “rainy” days.
Until recently, only certain individuals, such as a parent of a minor, a power of attorney (agent), or legal guardian, could serve in an administrative capacity over an ABLE account. Now, more individuals can serve in an administrative capacity over an ABLE account, including a spouse, parent, sibling, or grandparent.
In addition, the annual contribution limit is increasing, which now allows account holders to save up to $16,000 per calendar year. Take advantage of our gifting page feature and hit your savings goals with the help of friends, family, or even an organization.
Also, those account holders who are working, and do not participate in an employer-sponsored retirement plan, may contribute above the annual standard contribution limit of $16,000, through the ABLE to Work legislation.
This month, in celebration of Financial Literacy Month, we hope you will take time to assess your finances and consider adding an ABLE United account as a tool in your financial toolbelt. In fact, now until June 30, 2022, when you complete enrollment online, you will receive a FREE $50 contribution into your new ABLE account, your own rainy-day fund.