FORTY FORT, PA — In a significant development for individuals with disabilities, Pennsylvania’s Achieving a Better Life Experience (PA ABLE) Savings Program has exceeded $125 million in assets. This milestone was celebrated Monday by Treasurer Stacy Garrity and State Senator Lisa Baker during their visit to the Wyoming Valley Children’s Association (WVCA), highlighting the program’s impact in enabling Pennsylvanians with disabilities to save for future needs without jeopardizing vital benefits.
Treasurer Garrity expressed pride in the program’s rapid growth, highlighting its importance to the community. “Earlier this year, we announced that PA ABLE had surpassed $100 million in assets,” she said. “The fact that this program has grown by more than 25 percent so quickly shows how important it is to Pennsylvanians with disabilities and their families.” This achievement reflects the program’s role as a financial lifeline, enabling over 180,000 people nationwide to save for disability-related expenses.
The PA ABLE Program, established following federal legislation in 2014, allows individuals with disabilities to save and invest in a tax-advantaged account. Contributions up to $18,000 annually can be deducted from state income taxes, with no federal or state taxes on account growth when used for qualified expenses. The program includes options like the ABLE to Work initiative, which further empowers account owners by allowing additional contributions from employment income.
State Senator Lisa Baker emphasized the empowerment provided by the program, stating, “The pace of contributions means people have confidence ABLE is well designed and well run. It’s a welcome reminder of the good that can happen when we concentrate on policies to uplift people, rather than dictate to them. Empowerment works.”
Furthermore, the program is poised for expansion. Starting in 2025, a new tax credit will incentivize Pennsylvania employers to support their employees’ PA ABLE savings, offering a 25 percent credit on matching contributions up to $500 per employee per year. This encourages businesses to actively participate in supporting the financial security of their employees with disabilities.
Looking ahead, the ABLE Age Adjustment Act, advocated by Treasurer Garrity, will widen eligibility by increasing the age of onset for qualifying disabilities from 26 to 46. Effective January 1, 2026, this change will allow more individuals, including approximately one million veterans, to benefit from ABLE accounts, thereby broadening the program’s reach.
Nina Zanon, Executive Director of WVCA, highlighted the program’s importance, stating, “Programs like PA ABLE are an important part of uplifting and supporting our community, and it’s critical to provide these financial resources for families of children with special needs.”
The celebration of this milestone not only marks a financial achievement but also reinforces the state’s commitment to fostering independence and financial security for its residents with disabilities. As PA ABLE continues to grow, it remains a cornerstone in the landscape of financial planning for people with disabilities in Pennsylvania.
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