FAQs
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- About ABLE
- ALR
- Benefits
- Contributions
- Eligibility
- Fees
- General
- Gifting
- How it Works
- Linking Bank Accounts
- Opening an Account
- Prepaid Card
- Qualified Expenses
- Successors and Estates
- Tax Info
- Are there any limits to how much I can contribute?
- Standard Contribution Limit There’s an $19,000 yearly limit for standard contributions. This includes any gift contributions made to your account. ABLE to Work Contribution Limit If a beneficiary is working, they can save an extra amount through ABLE to Work. ABLE to Work and standard contributions... Read more
- Can I use funds to pay for housing or rent?
- You can use money from an ABLE account for housing expenses. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8. If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI... Read more
- What qualifies as an eligible expense?
- There’s a wide range of eligible expenses that cover most costs associated with living with a disability. As long as the expense helps maintain or improve the health, independence, or quality of life of the person living with a disability, it can qualify as an eligible expense. The federal... Read more
- How do I choose an investment option?
- If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. Each one has its benefits and limitations. We can help educate you on the differences between the three, but we can’t tell you which one to... Read more
- How do I add money?
- Once your bank is connected, you can make a contribution of at least $5 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $5 to add funds automatically each month. It takes 2-7 business days for online transfers to be... Read more
- Can I change my investment option?
- Yes, you can change your investment options twice per year. This includes both allocation and investment option changes. If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in the new one. You can make changes in your... Read more
- Can I change how my money is allocated?
- You can change the allocation of future contributions up to twice per year. Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your allocation of future contributions, that counts towards your... Read more
- How do I withdraw money?
- You can make withdrawals of at least $5 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. Withdrawals from the Cash Option take 2-3 business days. It takes 5-7 business days to transfer funds between your ABLE account’s... Read more
- What if I want to close my account?
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Simply give us a call and we’ll help you out. Reach us at 1-844-999-2253, 6am-5pm PT. We’ll be sad to see you go.
- Can I connect more than one bank account to an ABLE account?
- Yes, you can connect more than one bank account as well as multiple types of bank accounts. Each account and type will need to be connected individually, but you can have both savings and checking accounts linked to your account at one time. The Account Owner/Custodian or Beneficiary must own the... Read more
