INvestABLE Indiana 5th Anniversary

 

This week Indiana Treasurer Kelly Mitchell celebrated five strong years of INvestABLE in the State of Indiana.  Hoosiers with disabilities are now able to save more under the INvestABLE Indiana program. Beginning January 1, 2022, the annual contribution limit for ABLE accounts increased to $16,000, an increase of more than 6% to allow savers to deposit even more into their accounts and experience lower fees. INvestABLE Indiana offers seven investment options, including a checking account option with a debit card. Up to $16,000 per year can be saved in an account, with a maximum account balance of $450,000. For individuals receiving Supplemental Security Income (SSI), they can save up to $100,000 in their INvestABLE Indiana account and not risk losing their monthly SSI benefit. Money can be withdrawn and spent on qualified expenses or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings. Contributions and earnings in INvestABLE Indiana accounts are not subject to federal or state income tax if spent on qualified expenses. Contributions are made with post-tax dollars. More information about INvestABLE Indiana, including how to open an account, can be found HERE.