Treasurer Magaziner Encourages Rhode Islanders with Disabilities to Save with ABLE During National ABLE to Save Month   

Published on Monday, August 22, 2022

Rhode Island General Treasurer Seth Magaziner today encouraged Rhode Islanders with disabilities and their families to save with Rhode Island’s ABLE program to celebrate National ABLE to Save Month. 

Rhode Island’s ABLE program was launched by Treasurer Magaziner in 2016 to provide tax-advantaged savings accounts for individuals with disabilities and their families. Before ABLE, people with disabilities risked losing means-tested public benefits such as Supplemental Security Income (SSI) and Medicaid benefits if they had more than $2,000 in savings. With ABLE, Rhode Islanders with disabilities and their families can save up to $100,000 tax-free without penalty.

More than 400 Rhode Islanders living with disabilities and their families have since saved over $3 million through the ABLE program.  

“Rhode Island’s ABLE allows Rhode Islanders living with disabilities the ability to save for their future in an easy, tax-advantaged program without jeopardizing other critical benefits,” said General Treasurer Seth Magaziner. “I encourage disabled Rhode Islanders and their families to explore all the ways saving with ABLE can benefit them during National ABLE to Save Month.” 

Rhode Island’s ABLE program also offers a cash account option with a debit card to foster independence, build self-reliance, and confidence, encourage employment and improve quality of life for Rhode Islanders with disabilities.  

Contributions to ABLE accounts can come from earnings, family, friends, and other sources. Earnings on ABLE accounts are tax-deferred, and withdrawals are tax-free if they are used for qualified disability-related expenses including mobility equipment, education, and transportation. 

For more information or to open an account, please visit ri.savewithable.com.