Author: Deborah Goodkin, Managing Director, Savings Plans, First National Bank of Omaha
With Independence Day next week, we at Enable Alabama are reflecting on the progress that the disability community has made towards securing and strengthening one of the most important freedoms we should all have access to: financial independence.
Financial independence and the ability to save go hand in hand. Yet, as guest blogger Kim Bainbridge pointed out in last year’s Fourth of July post, the ability to save money has not always been a reality for individuals with disabilities. In fact, it was not until the ABLE Act was signed into law in 2014 that individuals with disabilities were able to save more than $2,000 in assets without compromising their access to resource-based benefits like SNAP and Medicaid. It’s thanks to the ABLE Act that individuals with disabilities are able to grow their savings while remaining eligible for benefits.
At Enable Alabama, we’ve made it our mission to help our Account Owners make the most of their finances, and we work every day to make the journey to financial independence as efficient, straightforward and accessible as possible. With Enable Alabama, Account Owners can save up to $15,000 annually in their accounts, and Eligible Individuals may be able to contribute earned income beyond the annual limit. Even better, Account Owners can, and often do, make savings a group effort by involving family members and friends in the savings journey through account contributions and gifting opportunities.
What other tools do we provide Enable Alabama Account Owners so they can achieve financial independence? To start, funds in an ABLE account grow tax-deferred and can be withdrawn tax-free if used for qualified disability expenses. We also offer numerous Investment Options to choose from, so that Account Owners can tailor their savings plan to specific goals and needs because saving is a not a one-size-fits-all journey. Account Owners also have the option to make automated account contributions and withdrawals so that savings can be set on auto-pilot.
This Independence Day, I encourage you to join us in our reflection on financial independence by celebrating the financial and personal freedoms that the Enable Savings Plan Alabama can help unlock.
If you have any questions about the Enable Savings Plan Alabama, I encourage you to reach out to us at firstname.lastname@example.org or 1-866-833-7949. Our community is always growing and we welcome your input.