Texas Comptroller Glenn Hegar
Comptroller Glenn Hegar announced today enhancements to the Texas Achieving a Better Life Experience (Texas ABLE®) Program. Effective Oct. 1, the account maintenance fee is being reduced from $4 per month to $3.50 per month for existing and new participants, and the program will add a Conservative Allocation Option to its current investment lineup.
Texas ABLE offers program participants five investment options designed to meet different savings goals. Four are Managed Allocation Options — Aggressive, Moderate, Moderately Conservative and the new Conservative Option — and an FDIC-insured Bank Savings Account option.
“Texas ABLE is a game-changer for the way Texans with disabilities and their families can save and plan for the future,” Hegar said. “I look forward to helping individuals with disabilities achieve a better life experience through this important program. Participants can save up to $100,000 in an ABLE account without affecting eligibility for Supplemental Security Income (SSI) and certain other means-tested state and federal benefits.”
Texas ABLE accounts continue to grow statewide. The program has an average account size of approximately $7,600 and $10.7 million in total assets.
The Texas ABLE Program is the state’s savings program for Texans with disabilities. It was established by federal and state legislation and is administered by the Texas Prepaid Higher Education Tuition Board, with assistance from the Comptroller’s office.
Texas ABLE is open to eligible Texans who experience the onset of a disability before the age of 26 and are entitled to SSI or Social Security Disability Insurance (SSDI) benefits or have a condition on the Social Security Administration’s list of Compassionate Allowances Conditions or a physician’s diagnosis of a qualifying condition.
ABLE account withdrawals, including any earnings, are not subject to federal income tax if used for qualified expenses related to the eligible individual’s disability and for maintaining or improving health, independence or quality of life.
For more information on Texas ABLE, including investment options, associated fees and opening an account, call 844-4TX-ABLE (844-489-2253) or visit TexasABLE.org.