HUNLOCK CREEK, PA — The PA ABLE Savings Program recently surpassed $100 million in assets, signaling a significant boost to financial security for Pennsylvanians with disabilities. The milestone was celebrated Monday at Serendipity Therapeutic Riding Center in Hunlock Creek, Luzerne County, where Treasurer Stacy Garrity and state Sen. Lisa Baker (R-20) convened to underscore the importance of this program.
The PA ABLE (Achieving a Better Life Experience) program offers tax-free savings accounts for Pennsylvanians with disabilities and their families. What sets it apart is its feature allowing individuals to save without jeopardizing their eligibility for critical benefits.
The implications of PA ABLE reaching this milestone are far-reaching. It’s a testament to the program’s success in addressing the financial challenges often faced by individuals with disabilities and their families. With over 8,400 accounts and more than $110 million saved, the program has become a vital tool in mitigating financial instability and promoting long-term financial planning for those living with disabilities.
Pennsylvania State Treasurer Stacy Garrity, who toured the riding center with its founder and executive director, Sarah Matusick, emphasized the transformative services provided by organizations like Serendipity. These institutions offer vocational skills for those with disabilities, fostering independence and resilience.
The celebration also saw participation from Lisa Urbanski, founder and president of Brighter Journeys, a local nonprofit that provides comprehensive support for families with individuals that have special needs. Urbanski’s organization offers comfort, guidance, and tangible support, such as grants for participating at Serendipity.
Sen. Lisa Baker, instrumental in the enactment of PA ABLE in 2016, lauded the program’s cross-party support and hailed its success as evidence of the positive outcomes that can result from bipartisan cooperation.
Since the opening of the first PA ABLE accounts in April 2017, Pennsylvanians have contributed a total of $133.7 million to these accounts. More than $37.6 million has been withdrawn for disability-related expenses, ranging from daily needs like groceries and rent to long-term expenses like education and assistive technology. In 2023 alone, $32.5 million was contributed, while $11.9 million was withdrawn, and 1,817 new accounts were opened.
The PA ABLE program offers seven different savings and investment options, including a checking account. Contributions can be deducted on PA state income taxes, and account owners pay no federal or state income tax on account growth when used for qualified withdrawals. These features make the program a compelling choice for those eligible.
As the largest program in the 19-member National ABLE Alliance, accounting for over 25% of total Alliance assets, PA ABLE stands as a beacon for other states. Its success serves as a model for similar programs nationwide, demonstrating the profound impact such initiatives can have on the lives of individuals living with disabilities.
The PA ABLE Savings Program crossing the $100 million mark is more than just a financial milestone. It’s a testament to Pennsylvania’s commitment to empowering its residents with disabilities and a beacon of hope for their financial future.
To learn more about program eligibility and how to start saving with PA ABLE, click here.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.