Treasurer Garrity Announces Expanded PA ABLE Eligibility

Pennsylvania Treasurer Stacy Garrity announced that expanded eligibility for the PA ABLE (Achieving a Better Life Experience) Savings Program is officially in effect. As of January 1, Pennsylvanians whose qualifying disability began prior to the age of 46 are eligible to open a PA ABLE account. Previously, eligibility was for individuals whose disability began before age 26.

This change, made possible by the ABLE Age Adjustment Act, opens the door for an estimated six million additional Americans — including approximately one million Veterans — to benefit from ABLE savings accounts nationwide.

“This marks a major step toward financial independence and security for our friends and neighbors with disabilities,” Treasurer Garrity said. “With this eligibility expansion now in place, more Pennsylvanians can save for their future without risking critical benefits. PA ABLE is about opportunity, dignity, and increasing independence, and I’m thrilled more Pennsylvanians will be able to enjoy the benefits of this life-changing program.”

PA ABLE accounts allow Pennsylvanians with disabilities and their families to save tax-free without impacting eligibility for important benefits such as Supplemental Security Income (SSI). Earnings grow tax-free, and withdrawals for qualified disability-related expenses are exempt from state and federal taxes.

The contribution limit for PA ABLE accounts is $20,000, and Pennsylvania residents can deduct up to $19,000 per year in PA ABLE contributions from their state income taxes. PA ABLE assets are also exempt from Pennsylvania inheritance tax.

Since opening its first accounts in 2017, following the passage of legislation championed by Sen. Lisa Baker (R-20), PA ABLE has grown to become the fifth largest ABLE program in the nation, with more than 11,500 accounts and over $185 million saved.

“PA ABLE accounts have already made a meaningful difference in the lives of so many Pennsylvanians,” Treasurer Garrity said. “I encourage everyone to explore how this financial tool can provide security and stability for themselves or their loved ones.”

Since taking office, Treasurer Garrity has reduced PA ABLE account fees six times. She was a strong advocate for the ABLE Age Adjustment Act, and the inaugural chair of the ABLE Savings Plans Network which works to strengthen ABLE programs on a national level.

To learn more about program eligibility and how to start saving with PA ABLE, visit paable.gov, email info@paable.gov or call 855-529-2253.

Click here to find video of Treasurer Garrity explaining the PA ABLE Savings Program and the eligibility expansion, and here for the transcript.