CalABLE Accounts Set to Launch

After various setbacks earlier in the year, the California Achieving Better Life Experiences (CalABLE) Act Board voted to approve TIAA Tuition Financing, Inc. (TFI) as its program manager with a goal of launching the accounts to the public at the end of 2018.

As described by the Executive Director in an update email from August 8, 2018: "CalABLE is the California version of the federal ABLE Act, which are tax-advantaged savings and investment programs that benefit people with disabilities. With ABLE, individuals with disability can save money without fear of losing government benefits like SSI or SSDI. Under these program’s guidelines, savings for individuals receiving a cash benefit are limited to $2,000. Once a beneficiary is determined to have more than this limit in savings, their benefits may be suspended until savings fall below the limit. With CalABLE, an individual can save up to $100,000 in an ABLE account without any interruption in their SSI benefits. That money can be withdrawn at any time without tax penalties as long as it used for a broad range of disability related expenses."

For a previous post on ABLE accounts

For more information visit the State Treasurer's website: https://www.treasurer.ca.gov/able/