Overview Of Stable
The goal is to provide the tools you need to achieve greater independence and financial security through a simple online platform.
A STABLE account provides:
- Nationwide enrollment for individuals with disabilities
- Tax-free savings for disability-related expenses
- The ability to save and invest without losing needs-based benefits
Are you eligible?
Any U.S. citizen who developed a qualifying disability before the age of 26 is eligible for a STABLE account. If someone cannot open an account themselves, an Authorized Legal Representative (also known as an ALR) can do it for them.
What are the benefit of a STABLE Account?
Accountholders can save and invest up to $17,000 a year (if employed, up to $13,590 more) for a wide range of qualified expenses. The account’s growth is tax-free and your contributions may qualify for a state income tax deduction.
What are qualified expenses?
Money in your account can be used for everyday needs, as well as unexpected events. Qualified expenses are geared toward improving health, independence, and quality of life, and include:
- Living expenses
- Education
- Housing
- Transportation
- Employment training and support
- Assistive technology
- Personal support services
- Health, prevention, and wellness
- Financial management
- Administrative services
- Legal fees
- Oversight and monitoring
- Funeral and burial
Best of all, your Supplemental Security Income (SSI) will not be affected as long as the STABLE account balance stays below $100,000. Other federally means-tested benefits are not affected regardless of the amount saved in the account.
How does it work?
The account can be managed online, so it’s easy to access, contribute, or withdraw money; even friends and relatives can add to the account. It’s never been easier to save and invest for your future.
Choose Your Investment Plan
Choose from among five different investment options, including four mutual fund-based investments and one FDIC-insured savings option.
- The Growth Option
- The Moderate Growth Option
- The Conservative Growth Option
- The Income Option
- The BankSafe Option
Each investment option has its own benefits and limitations. It’s up to you to decide which one is right for you.
You have the freedom to change your investment options twice every calendar year.
Opening an account
You can set up a STABLE account in as little as 10 minutes. We’ll ask for some information about the beneficiary, the qualifying disability, and how the account will be funded. To complete the setup, you’ll customize your account and make decisions about the money you deposit.
You’ll need to make an initial deposit of at least $25 to get started and a $1 minimum for any contribution after that. You can save money in a cash option and/or invest it. If you decide to invest, you’ll need to put at least 10% of your funds in the investment option. The choice is up to you.