Anyone can make contributions to the account, up to a total of $15,000 a year.
“Another source of funds could be the settlement of a lawsuit,” Sensing said. “It could be a structured settlement of $15,000 [into the ABLE account] at a time,” Sensing said.
The advantage of an ABLE account is how inexpensive and easy it is, experts say.
“For the most part, you can open it on your own,” Sensing said.
Don’t worry about the perfect plan: “You’re not going to have all the money [all at once], but small amounts of savings over time make the savings more accessible for more people,” Sensing said.
Established in 2014, ABLE accounts are set up on the state level. Not all states offer one. Connecticut and Hawaii, for example, have adopted the Act but the accounts are not yet available.
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