Now, save even more with ABLEnow! The total annual contribution limit to an ABLE account increased to $15,000 on January 1, 2018.
The ABLE Act specifically ties the annual contribution limit for ABLE accounts to the federal gift tax exclusion. To adjust for inflation, the Internal Revenue Service (IRS) increased the federal gift tax exclusion from $14,000 in 2017 to $15,000 in 2018. Learn more about this change from the ABLE National Resource Center.
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.