MADISON, Wis. – Today the Wisconsin Department of Financial Institutions (DFI) announced Gov. Tony Evers proclaimed August as “ABLE to Save” Month in Wisconsin as part of a nationwide grassroots education and outreach campaign dedicated to increasing awareness about the benefits of Achieving a Better Life Experience (ABLE) accounts.

“I am committed to advocating for the rights, benefits, and financial inclusion of all Wisconsinites, especially those with disabilities, so all are able to invest in their long-term financial well-being,” said Gov. Evers. “ABLE accounts can help improve the health, independence, and quality of life for Wisconsinites with disabilities and their families by empowering them to move from making short-term financial plans to making lifetime financial plans, which increases their financial security and stability.”

ABLE accounts are tax-advantaged savings and investment accounts that allow qualified individuals and their families to save money and plan for their futures while maintaining their eligibility for federal public benefits, such as Supplemental Security Income benefits and Medicaid. Anyone can contribute to an ABLE account, including the account owner, friends, family, nonprofits, and employers, and funds can be used to pay for a wide range of expenses that assist the account owner in improving and maintaining their health, independence, and quality of life.

Since the passage of the Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act in December 2014, 46 states plus the District of Columbia have launched ABLE plans with many being nationwide plans. According to the National Association of State Treasurers, as of March 2022, more than 119,000 ABLE accounts have been opened with $1.11 billion invested; the average ABLE savings account balance is $9,344.

“ABLE accounts are a down payment on financial freedom for millions of eligible individuals with disabilities and their families,” said DFI Secretary-designee Cheryll Olson-Collins. “The goal of the “ABLE to Save” Month campaign is to boost awareness of ABLE accounts among people with disabilities, their family members, and those who support them. Through this campaign, we hope to increase the number of ABLE-eligible individuals who are opening and benefiting from these life changing accounts.”

Wisconsin does not currently offer an ABLE plan; however, Wisconsinites can open an ABLE account in any state that accepts outside residents into their program. Learn more by visiting the Wisconsin Department of Revenue’s ABLE accounts webpage and the DFI’s ABLE accounts webpage.

For more information on the “ABLE to Save” Month campaign, visit the “ABLE to Save” Month webpage for a list of activities and resources, including panel discussions with ABLE account owners and their family members, new ABLE resources, videos, and more. The campaign is managed by the ABLE National Resource Center with the support of its sponsors: Prudential and Wells Fargo and in collaboration with the National Association of State Treasurers. The campaign will have widespread participation from ABLE plans, major national disability groups, financial institutions, and other stakeholders.

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