by State Treasurer Mike Pieciak, Department of Financial Regulation Commissioner Kevin Gaffney, and Vermont Developmental Disabilities Council Executive Director Kirsten Murphy
As the nation reaches the middle of Financial Capability Month celebrations and events, we at the Office of the State Treasurer, Department of Financial Regulation and Developmental Disabilities Council would like to take this opportunity to introduce a program that has helped Vermonters with disabilities achieve their financial goals while gaining smart money-management skills.
Administered through the Office of the State Treasurer, ABLE accounts provide a tax-advantaged savings option for individuals with disabilities and their families.
The Vermont ABLE program enables them to save and invest money without impacting any Medicaid, SSI or other public needs-based benefits. The program includes a specially designed online platform with intuitive components that make it easy to access accounts and obtain related support, services, and information.
ABLE accounts originated in 2014 when Congress passed the Achieving a Better Life Experience (ABLE) Act, allowing states to create these special tax-advantaged savings programs for eligible people with disabilities and their families. Accounts are available to children and adults with disabilities, and individuals do not have to be on public benefits to open an account. Like a regular bank account, ABLE accounts are easy to open. Account holders can choose among various investment options, and contributions can be made by account holders, family members, and friends.
Account funds can be used for an extensive range of qualified expenses: from housing and vehicle adaptations to day-to-day expenses like groceries. For individuals with disabilities in Vermont facing a scarcity of suitable and accessible housing options, ABLE accounts can provide critical financial support and empower individuals to fostering greater independence and stability in their daily lives.
Prior to the passage of the 2014 ABLE Act, disabled Americans were unable to accumulate savings and investments without the risk of losing important state and federal benefits. Today, Americans with disabilities and their designated beneficiaries can build wealth and achieve greater financial independence without penalty. The ABLE National Resource Center also provides beneficial tools and information to help ABLE accountholders gain financial capability.
Formed in 2017 under the leadership of former State Treasurer Beth Pearce, Vermont ABLE today provides accounts and services to more than 1,000 Vermonters with an average account balance of nearly $9,500. Over $10 million of total assets are currently under management.
This is great progress, but many qualifying Vermonters who could benefit from having an ABLE account have not yet signed up. Additionally, starting in January 2026, individuals who experienced the onset of disability before age 46 (rather than the current limit of age 26) will be ABLE-eligible. This will make an estimated 6 million additional Americans eligible for the program, including about 1 million veterans who may have been injured overseas.
The upcoming eligibility extension means this is a critical moment to raise awareness about Vermont ABLE accounts and connect Vermonters who may benefit to the program. We hope you will join us in spreading the word about this impactful opportunity to empower individuals with disabilities and their families to achieve financial security and peace of mind.
To learn more about ABLE accounts and how to open one, please contact the State Treasurer’s Office or visit VermontABLE.com.
The State Treasurer’s Office, Department of Financial Regulation, and Developmental Disabilities Council will be hosting an informational webinar about ABLE accounts on Thursday, April 25 at 2 PM. You can RSVP here or contact [email protected] for details.
