The new year 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.
The total annual contribution limit to an ABLE account remains $15,000 in 2020. 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.
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?
According to the Consumer Federation of America, those with a savings plan are twice as likely to save successfully. Here are three tips to grow your ABLEnow account this year:
- Set up automatic contributions: Reach your goals faster and put your savings on autopilot with recurring monthly contributions from a checking or savings account.
- Make an extra contribution: Celebrate a special occasion with a special deposit. When possible, consider putting extra money in your account to give it a boost.
- 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.
Achieve your goals and maximize the benefits of your account. Saving with ABLEnow today can make a big impact on your financial future.