DSD eList announcement
Date: Dec. 17, 2024
To: Lead agencies, disability services providers, people who receive services and other interested parties
From: DHS Disability Services Division
Purpose: To inform the public of Stephen Beck Jr. Achieving a Better Life Experience Act (ABLE Act) account benefits
Contact: DSD Contact Form
ABLE Act helps people with disabilities save money
This month, Minnesota celebrates 10 years of the ABLE Act, which empowers people with disabilities with the ability to save money.
Background information
Congress passed the ABLE Act on Dec. 19, 2014. This allowed states to create tax-advantaged ABLE accounts. People with disabilities and their families can use ABLE accounts to save and invest money for disability-related expenses without losing federal benefits. People can spend money in Minnesota ABLE accounts on assistive technology, therapies, specialized equipment, transportation, job coaching, health care, education and more.
ABLE Act success
Before ABLE, many people with disabilities experienced chronic financial insecurity. Since 2014, more than 187,000 account owners across the country saved nearly $2 billion in ABLE accounts and built financial resilience. Since Minnesota launched the Minnesota ABLE Plan on July 1, 2016, nearly 4,000 Minnesotans living with disabilities saved more than $50 million in their ABLE accounts.
More information
For more information, including how to open a Minnesota ABLE account, refer to Minnesota ABLE Plan.
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