ABLEnow account owners who want to save more have something to celebrate. The total annual contribution limit to an ABLE account increased to $16,000 in 2022.
Thanks to the ABLE to Work Act, working account owners who do not participate in an employer-sponsored retirement plan may be eligible to contribute above this annual ABLE contribution limit.
Now is an ideal time to review your finances, evaluate your budget and make changes for the year ahead. With ABLEnow, meeting your savings goals may be easier than you think.
Want to start saving?
Opening an ABLEnow account can be an important step in self-determination and financial independence. Eligible individuals are empowered to save and invest in a tax-advantaged ABLE account without impacting most federal means-tested benefits that assist individuals with income, health care and food and housing. Start today and consider one resolution complete.
Want to increase your ABLE savings?
Here are three tips to grow your ABLEnow account in 2022:
- Set up automatic contributions: Reach your goals faster and put your savings on autopilot with recurring contributions from a checking or savings account.
- Ask family and friends for gift contributions: Anyone can contribute to an ABLEnow account. Set a savings goal and ask family and friends to help by pointing them to the ABLEnow Online Contribution Center.
- Download the ABLEnow mobile app: Convenient access to your ABLEnow account makes it easy to monitor your progress and stay on top of your financial goals.
Achieve your goals and maximize the benefits of your account. Saving with ABLEnow today can make a big impact on your financial future.