At Pure Living Family, we understand the unique challenges parents of children with special needs face—especially when it comes to financial planning. That’s why we want to share a powerful tool that can help your family thrive: the ABLE account.
Designed specifically for individuals with disabilities, ABLE accounts offer a simple, tax-advantaged way to save and invest money for essential expenses. Here’s how it works and why it could be a game-changer for your family.
What is an ABLE Account?
An ABLE account (short for Achieving a Better Life Experience) lets you save and invest up to $18,000 per year (as of 2024). These funds grow tax-free and can be used for a variety of life expenses—helping you prepare for the future while meeting the needs of today.
This resource is especially powerful for families of children with disabilities, as it allows you to save money without risking your child’s eligibility for vital government benefits.
How Can You Use ABLE Funds?
One of the best things about ABLE accounts is their flexibility. The funds can be used on a wide range of "qualified disability expenses," which is broadly defined to cover many of the things your child may need, such as:
- Living expenses
- School and education costs
- Food and groceries
- Therapy, medical care, or assistive technology
Whether you’re covering the basics, saving for a specific milestone, or preparing for unforeseen needs, an ABLE account provides peace of mind and financial freedom.
Why Should You Consider an ABLE Account?
We know that as a parent of a special needs child, you’re always thinking about how to best support your child now and in the future. An ABLE account can help by providing:
- Immediate Access: Use the money whenever you need it for qualifying expenses—tax-free.
- Tax-Free Growth: Like a Roth IRA, the money you contribute grows tax-free, and so do the earnings.
- State-Specific Benefits: Depending on your state, you might enjoy extra perks. For example, Utah offers a state income tax deduction (4.85%) for every dollar contributed to an ABLE account.
How Does an ABLE Account Fit Your Family’s Needs?
For families in the Pure Living Family community, an ABLE account can serve as an important part of your financial strategy. Whether your focus is on daily living expenses, long-term education goals, or building a safety net for the future, this tool helps you prioritize your child’s well-being while staying in control of your finances.
At Pure Living Family, we believe in empowering parents like you with resources that make life easier. ABLE accounts are just one way to help create stability for your family while maximizing opportunities for your child to thrive.
Take the First Step
Opening an ABLE account is simple, and you don’t have to navigate it alone. To learn more, including how to get started, visit the ABLE National Resource Center at www.ablenrc.org.
When we equip ourselves with tools like ABLE accounts, we take another step toward creating a better future for our children. At Pure Living Family, we’re here to support you every step of the way.