Paving the way to financial peace of mind
What’s the ABLE Act?
After the Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act was passed by Congress in December of 2014, people with eligible disabilities could finally save for their everyday needs, invest in a tax-free account, and prepare for the future without losing their state or federal benefits.
Passage of the federal ABLE Act paved the way for STABLE accounts and MO ABLE to take shape.
What is a STABLE account?
A STABLE account is an investment account available to eligible individuals living with disabilities. STABLE accounts allow you to save and invest money without losing eligibility for certain public benefits programs, like Medicaid, Supplemental Security Income (SSI), or Social Security Disability Income (SSDI). Earnings in your STABLE account are not subject to federal income tax, so long as you spend them on qualified disability expenses.
STABLE accounts have some similar features to normal bank accounts, but they are not checking or savings accounts. STABLE accounts are investment accounts, similar to 529 college savings accounts or 401(k) retirement accounts. When you deposit money into your STABLE account, your money will be invested in different options that you choose. While you can still withdraw and spend your money whenever you need it, STABLE accounts also allow you to grow your money and to save long-term for disability expenses.
What is MO ABLE?
Missouri has partnered with STABLE Account, a national ABLE plan, to make STABLE accounts available to residents of Missouri.
Missouri Revised Statutes §§ 209.605-209.645 establishes the rules for MO ABLE.
STABLE Account partners with Sumday, the program manager, to provide a simple and intuitive platform that helps people to manage their account and achieve their financial goals.