CalABLE is a tax-advantaged savings and investment program designed to help eligible individuals, whose disability occurred before the age of 26, to save for disability-related expenses without jeopardizing public benefits. The CalABLE program is open to all qualified U.S. residents with disabilities.
Visitors to the CalABLE website will find a direct link to the AchievABLE Corner on the NDI website. Resources and tools are divided into three categories, depending on an individual’s place in the CalABLE account process: 1) Thinking about opening a CalABLE account, 2) Ready to open a CalABLE account, and 3) Currently using my CalABLE account.
“The AchievABLE Corner is the first initiative to address the need for financial resources and tools to help current and potential ABLE account holders make informed decisions about how to pay for disability-related expenses,” said Michael Morris, Executive Director, National Disability Institute. “Our intention is to replicate this pilot across all state ABLE programs to give ABLE account holders access to financial education resources to help them save and manage their funds. We would like to thank Wells Fargo for the company’s support of this initiative.”
“The Achievable Corner tools provide practical financial information to one of California’s most vulnerable populations – people with disabilities. It can help new and experienced savers gain the confidence to make wise decisions that assist them in building and maintaining their financial health and quality of life,” Treasurer Ma said.
The AchievABLE Corner was created through funding from Wells Fargo and content from the company’s Hands on Banking® financial education program. Available in both English and Spanish, the free Hands on Banking program teaches people in all stages of life about the basics of responsible money management.
“Wells Fargo is committed to financially empowering people with disabilities,” said Kathy Martinez, head of Disability and Accessibility Strategy at Wells Fargo. “Our goal is to help underserved communities reach their full potential by expanding access to financial education, coaching, tools and resources that can help people establish healthier financial habits and achieve greater economic stability and success. We’re proud to have Hands on Banking financial education content available in the AchievABLE Corner to help visitors open and effectively manage a CalABLE account.”
ABLE accounts are tax-advantaged savings accounts that have the potential to significantly increase the independence and quality of life of individuals with disabilities. This includes both individuals with disabilities who receive public benefits and those who do not receive public benefits. ABLE accounts do not jeopardize benefits such as Medicaid, Supplemental Security Income (SSI) and others. Since the passage of the Stephen Beck, Jr. Achieving a Better Life Experience Act in December 2014, 43 state ABLE programs have launched, including the District of Columbia. Many of these ABLE programs are nationwide programs. As of March 2019, nearly 46,000 individuals with disabilities from across the country have opened ABLE accounts and nearly $260 million has been invested in those accounts.
About National Disability Institute
National Disability Institute (NDI) is a national nonprofit organization dedicated to building a better financial future for people with disabilities and their families. The first national organization committed exclusively to championing economic empowerment, financial education, asset development and financial stability for all persons with disabilities, NDI affects change through public education, policy development, training, technical assistance and innovative initiatives. To learn more, visit www.nationaldisabilityinstitute.org. Engage with NDI on Facebook: @NationalDisability or follow NDI on Twitter: @NatDisability.
The CalABLE Savings Plan opened to the public on December 18, 2018. The program enables Californians and out-of-state residents the ability to save for disability-related expenses by putting money in tax-advantaged investments, while protecting their eligibility for means-tested public benefits programs. After-tax contributions allow earnings to grow tax-deferred, and withdrawals, when used for a broad range of Qualified Disability Expenses, are federal and state tax-free. The Plan is managed by TIAA-CREF Tuition Financing, Inc. The California ABLE Act Board sets investment policies and oversees all activities of CalABLE. Full program details and information on how to enroll is available at CalABLE’s enrollment website: CalABLE.ca.gov.
About Wells Fargo & Company
Founded in 1852 and headquartered in San Francisco, Wells Fargo & Company provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,600 locations, more than 13,000 ATMs, and the internet (wellsfargo.com). With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. With its corporate philanthropy, Wells Fargo aims to pave a path to stability and financial success for underserved communities by focusing on housing affordability, small business growth, and financial health, among other local community needs. In 2018, Wells Fargo donated $444 million to nearly 11,000 nonprofits. For 10 consecutive years, Wells Fargo has held the honor of No. 1 in workplace giving by United Way Worldwide. Wells Fargo team members also actively support communities by donating more than 2 million hours of volunteer time in the last year. News, insights and more information on the company’s overall corporate responsibility are available at Wells Fargo Stories and www.wellsfargo.com/impact.
SOURCE National Disability Institute