Step 2: Building a Circle of Support

Smiling teenage girl sitting in wheelchair surrounded by grandparents, parents, and younger brother
ABLE accounts provide an incredible opportunity to save significant amounts of money without losing supports and services provided through public benefits such as Medicaid. Additionally, anyone can contribute to your ABLE account, including friends, family, your employer and, of course, yourself. In general, an ABLE account can only accept up to $17,000 worth of contributions (or deposits) in any given calendar year. In order to maximize contributions, and better meet your financial goals, you may want to consider building a Circle of Support.

Topics at a Glance

What is a Circle of Support?

A Circle of Support is a group of people who want to support you in meeting your financial goals and help you build a better financial future. Your Circle of Support could include family members, close friends, your employer and others. They all have the ability to contribute funds into your ABLE account.

How do I help my Circle of Support understand the value of an ABLE account?

After identifying your Circle of Support, it is important to let them know how excited you are to be an ABLE account owner and what types of benefits are associated with this new opportunity to build a better financial future. When communicating with your Circle of Support, feel free to share resources from the ABLE National Resource Center to help them understand how ABLE accounts can help you increase your health, independence and quality of life. You can share this video, which gives a brief history of ABLE.

How can I keep my Circle of Support motivated to help me meet my financial goals?

It is important to share your short-term and long-term financial goals with your Circle of Support. Additionally, feel free to go into detail about how important those goals are to you and what they mean in terms of helping you increase or maintain your health, independence and/or quality of life.  Also, make sure that you keep in contact with your Circle of Support, letting them know about your progress and when a goal is met. Lastly, don’t forget to thank your Circle of Support for all their help!

Addtional Information

  1. Current contribution limits can be found here. The total combined account limit, over time, is subject to state-specific limits for education-related 529 savings accounts. State ABLE plan limits range from $235,00 to $550,000. In consideration of the annual contribution limit per calendar year, accounts may reach that state limit over time.
  2. Most states allow out of state residents to open an account.
  3. Over 44 states have launched ABLE programs.

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