Nearly 1,000 accounts created, $2.8 million saved
Wednesday, Nov. 1, 2017
LANSING, Mich. – The Michigan Achieving a Better Life Experience (MiABLE) disability savings program had an extremely successful first year helping families save money for disability-related expenses, Lt. Gov. Brian Calley announced.
MiABLE is a 529(A) savings account offering investment and tax incentives for families and others who wish to save for individuals with disabilities. Since launching on Nov. 1, 2016, nearly 1,000 accounts have been opened and more than $2.8 million has been saved by families across Michigan.
“MiABLE has allowed Michiganders with disabilities and their families to plan for the future without jeopardizing any disability benefits and that has been a game changer,” Calley said. “I’m proud of the success MiABLE has seen in its first year and encourage other families to take advantage of this program.”
Calley proclaimed today, Nov. 1, 2017, as MiABLE Day in Michigan, encouraging families across Michigan to take advantage of this savings program to help their loved ones with disabilities.
The program allows for individuals to save up to $100,000 without jeopardizing their federal and state disability benefits. Funds from an ABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring and funeral and burial expenses.
The MiABLE program is administered by the Michigan Department of Treasury. For more details or to register an account, visit http://www.miable.org or call 844-656-7225.