{"id":139641,"date":"2025-01-14T15:39:38","date_gmt":"2025-01-14T20:39:38","guid":{"rendered":"https:\/\/www.thevalleyledger.com\/?p=139641"},"modified":"2025-01-14T15:40:58","modified_gmt":"2025-01-14T20:40:58","slug":"treasurer-garrity-announces-increased-contribution-limit-for-pa-able-accounts","status":"publish","type":"post","link":"https:\/\/www.thevalleyledger.com\/?p=139641","title":{"rendered":"Treasurer Garrity Announces Increased Contribution Limit for PA ABLE Accounts"},"content":{"rendered":"

Pennsylvanians with disabilities can now save up to $19,000 annually<\/em><\/strong>\u00a0<\/strong><\/p>\n

Harrisburg, PA\u00a0<\/strong>\u2014 Treasurer Stacy Garrity today announced that the annual contribution limit for PA ABLE, a savings program for people with disabilities, increased to $19,000. The change is a result of IRS inflation adjustments for 2025 and took effect January 1, 2025. The previous limit was $18,000.<\/p>\n

\u201cThis increase in the contribution limit expands opportunities for Pennsylvanians with disabilities to live more independently by saving for the future without hurting their eligibility for important benefits,\u201d Treasurer Garrity said. \u201cMore than 10,000 people have opened PA ABLE accounts, and they\u2019ve saved more than $144 million. It\u2019s a program that has truly changed lives for the better.\u201d<\/p>\n

PA ABLE accounts offer tax-advantaged savings options to people with qualifying disabilities, so they can save and build assets without affecting eligibility for means-tested federal and state benefits such as Supplemental Security Income and Medical Assistance. Additionally, account owners who are employed may be able to contribute beyond the $19,000 limit.<\/p>\n

PA ABLE offers seven investment options to choose from, plus a checking account with a debit card. Funds are easy to access and may be used for a wide range of expenses, such as healthcare, housing, education, assistive technology, adaptive vehicles, and more. No federal or state income tax is paid on account growth or withdrawals when used for qualified expenses.<\/p>\n

In November, Treasurer Garrity\u00a0announced a fee cut<\/a>\u00a0for ABLE account owners after the National ABLE Alliance, of which Pennsylvania is the largest member, surpassed 45,000 funded ABLE accounts. That marked the fifth time PA ABLE fees have been reduced since Treasurer Garrity took office.<\/p>\n

Starting in 2026, the federal ABLE Age Adjustment Act, championed by former U.S. Senator Bob Casey, will make millions more Americans \u2013 including one million Veterans \u2013 eligible to save with ABLE accounts. Currently, a person\u2019s disability must have onset prior to their 26th birthday to save in an ABLE account. The ABLE Age Adjustment Act will increase that age to 46.<\/p>\n

To learn more about how to save with PA ABLE, including eligibility, visit\u00a0paable.gov<\/a>, call 855-529-ABLE (2253), or register for an upcoming webinar at\u00a0paable.gov\/webinars<\/a>.<\/p>\n

 <\/p>\n

STACY GARRITY, STATE TREASURER<\/p>\n

www.patreasury.gov<\/a><\/p>\n

 <\/p>\n

Information provided to TVL by:
\nSamantha Heckel<\/p>\n","protected":false},"excerpt":{"rendered":"

Pennsylvanians with disabilities can now save up to $19,000 annually\u00a0 Harrisburg, PA\u00a0\u2014 Treasurer Stacy Garrity today announced that the annual contribution limit for PA ABLE, a savings program for people … Continue reading Treasurer Garrity Announces Increased Contribution Limit for PA ABLE Accounts<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":120734,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[69,482],"tags":[],"class_list":["post-139641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-the-valley","category-press-release-2"],"jetpack_publicize_connections":[],"acf":[],"jetpack_featured_media_url":"https:\/\/www.thevalleyledger.com\/wp-content\/uploads\/2023\/07\/Pennsylvania-Treasury.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/139641"}],"collection":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=139641"}],"version-history":[{"count":0,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/posts\/139641\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=\/wp\/v2\/media\/120734"}],"wp:attachment":[{"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=139641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=139641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thevalleyledger.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=139641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}