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Attainable® Savings Plan
Save in a tax-advantaged account for the health and personal expenses of individuals with disabilities without affecting federal benefits. Attainable® is an Achieving a Better Life Experience (ABLE) Savings Plan, with MEFA serving as the state sponsor.
What to Know about Attainable®
Offers various investment options professionally managed by Fidelity Investments
Provides federal benefits as participants save for short and long-term expenses
May be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000)
Permitted under Section 529A of the Internal Revenue Code by the Achieving a Better Life Experience (ABLE) Act, enacted on December 19, 2014
How It Works
Uses
Eligibility
Get Started
Resources
Disclosure
How the Attainable® Savings Plan Works
- Any eligible individual can open an account online on the website of Fidelity Investments, the program manager for Attainable®, here.
- Funds may be added at any time, up to an annual limit of $18,000.
- Attainable® beneficiaries who work and earn income may contribute $14,580 over the annual limit of $18,000 into their ABLE account, due to the ABLE to Work legislation.
- Attainable® funds may be spent on any qualified disability expenses.
- Earnings in an Attainable® account are federally tax-exempt and qualified distributions are not federally taxed.
- An account balance can grow without limit, but no additional contributions can be made that cause the balance to exceed $500,000.
Funds in an Attainable® account can be used for qualified disability expenses. Qualified disability expenses are broadly defined and include those related to the beneficiary's health, housing, education, transportation, assistive technology and related services, employment training and support, personal support services, and basic living expenses.
Attainable® Savings Account Eligibility
Eligible individuals are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.
The Attainable® Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable® account will be required to certify and attest on the Attainable® account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.
Each beneficiary may have only one Attainable® Savings Plan account, and the account owner must be the beneficiary. If necessary, a parent or other eligible representative can provide instructions relating to the account.
Get Started
It's easy to open an Attainable® Savings Plan account. To get started, visit the Fidelity Investments website.
Helpful Resources
- ABLE National Resource Center: The ABLE National Resource Center is managed by the National Disability Institute and is a resource for ABLE education. The site offers frequent webinars, overall basic information on ABLE accounts, and a state program comparison tool.
- SSA Program Operations Manual System (POMS) for ABLE: The Social Security Administration has substantial information on ABLE accounts and how they relate to Social Security.
- Project Impact: Project Impact through the Massachusetts Rehabilitation Commission offers benefits counseling for those employed or looking for a job who receive SSI or SSDI. This service is offered in Essex, Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth and Suffolk counties. Project Impact has three designated student benefits counselors who work throughout the entire state with students up to age twenty-two.
- Work Without Limits Benefits Counseling: If you live in Berkshire, Franklin, Hampden, Hampshire, Middlesex or Worcester Counties, you may contact the UMass Medical School's Work Without Limits Benefits Counseling to receive help understanding how your wages may affect your benefits.
- The Arc: The Arc is a nationwide disability organization that serves those with intellectual and developmental disabilities. There are local chapters located throughout the Commonwealth.
- The Arc of Massachusetts: The Arc of Massachusetts raises awareness for programs and legislation in Massachusetts for individuals with intellectual and developmental disabilities.
- Massachusetts Down Syndrome Congress (MDSC): The MA Down Syndrome Congress offers information, networking opportunities, and events for the Down Syndrome community.
- National Alliance on Mental Illness (NAMI) Massachusetts: The Massachusetts chapter of NAMI offers education and support groups for both individuals and families with mental health conditions.
- Massachusetts Office on Disability: The MA Office on Disability advocates to advance the legal rights, accommodations, and accessibility for those with disabilities across all aspects of life.
- IRS Publication 907: IRS Publication 907 is published annually by the IRS and is specifically for individuals with disabilities filing tax returns.
Attainable® Savings Plan Disclosure
Please carefully consider the Attainable® Savings Plan's investment objectives, risks, charges, and expenses before investing. For this and other information, contact Fidelity for a free Disclosure Document or view one online. Read it carefully before you invest or send money.
How It Works
Uses
Eligibility
Get Started
Resources
Disclosure
How the Attainable® Savings Plan Works
- Any eligible individual can open an account online on the website of Fidelity Investments, the program manager for Attainable®, here.
- Funds may be added at any time, up to an annual limit of $18,000.
- Attainable® beneficiaries who work and earn income may contribute $14,580 over the annual limit of $18,000 into their ABLE account, due to the ABLE to Work legislation.
- Attainable® funds may be spent on any qualified disability expenses.
- Earnings in an Attainable® account are federally tax-exempt and qualified distributions are not federally taxed.
- An account balance can grow without limit, but no additional contributions can be made that cause the balance to exceed $500,000.
Funds in an Attainable® account can be used for qualified disability expenses. Qualified disability expenses are broadly defined and include those related to the beneficiary's health, housing, education, transportation, assistive technology and related services, employment training and support, personal support services, and basic living expenses.
Attainable® Savings Account Eligibility
Eligible individuals are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.
The Attainable® Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable® account will be required to certify and attest on the Attainable® account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.
Each beneficiary may have only one Attainable® Savings Plan account, and the account owner must be the beneficiary. If necessary, a parent or other eligible representative can provide instructions relating to the account.
Get Started
It's easy to open an Attainable® Savings Plan account. To get started, visit the Fidelity Investments website.
Helpful Resources
- ABLE National Resource Center: The ABLE National Resource Center is managed by the National Disability Institute and is a resource for ABLE education. The site offers frequent webinars, overall basic information on ABLE accounts, and a state program comparison tool.
- SSA Program Operations Manual System (POMS) for ABLE: The Social Security Administration has substantial information on ABLE accounts and how they relate to Social Security.
- Project Impact: Project Impact through the Massachusetts Rehabilitation Commission offers benefits counseling for those employed or looking for a job who receive SSI or SSDI. This service is offered in Essex, Barnstable, Bristol, Dukes, Nantucket, Norfolk, Plymouth and Suffolk counties. Project Impact has three designated student benefits counselors who work throughout the entire state with students up to age twenty-two.
- Work Without Limits Benefits Counseling: If you live in Berkshire, Franklin, Hampden, Hampshire, Middlesex or Worcester Counties, you may contact the UMass Medical School's Work Without Limits Benefits Counseling to receive help understanding how your wages may affect your benefits.
- The Arc: The Arc is a nationwide disability organization that serves those with intellectual and developmental disabilities. There are local chapters located throughout the Commonwealth.
- The Arc of Massachusetts: The Arc of Massachusetts raises awareness for programs and legislation in Massachusetts for individuals with intellectual and developmental disabilities.
- Massachusetts Down Syndrome Congress (MDSC): The MA Down Syndrome Congress offers information, networking opportunities, and events for the Down Syndrome community.
- National Alliance on Mental Illness (NAMI) Massachusetts: The Massachusetts chapter of NAMI offers education and support groups for both individuals and families with mental health conditions.
- Massachusetts Office on Disability: The MA Office on Disability advocates to advance the legal rights, accommodations, and accessibility for those with disabilities across all aspects of life.
- IRS Publication 907: IRS Publication 907 is published annually by the IRS and is specifically for individuals with disabilities filing tax returns.
Attainable® Savings Plan Disclosure
Please carefully consider the Attainable® Savings Plan's investment objectives, risks, charges, and expenses before investing. For this and other information, contact Fidelity for a free Disclosure Document or view one online. Read it carefully before you invest or send money.
Request an Attainable® event
Interested in hosting an event with your organization about the Attainable® Savings Plan? Complete our online request form and we'll be in touch to discuss the logistics.
Frequently Asked Questions
What is an ABLE account?
An ABLE account is a tax-advantaged savings account for individuals with disabilities. ABLE accounts were created as a result of the passage of the Stephen Beck Jr., Achieving a Better Life Experience Act of 2014, better known as the ABLE Act.
What can I use ABLE account funds for?
Funds in ABLE accounts can be used for qualified disability expenses. Qualified disability expenses are broadly defined and include those related to the beneficiary's education, housing, transportation, employment training and support, assistive technology and related services, personal support services, health, and basic living expenses.
What are the tax advantages for an ABLE account?
Earnings in an ABLE account grow tax deferred and, when used for qualified disability expenses, are federal income tax-free.
What are the benefits of an ABLE account?
ABLE accounts foster and support the independence and quality of life of individuals with disabilities, offer various investment options, and provide federal tax benefits. These accounts also may be used without affecting other disability-related benefits, such as Supplemental Security Income (SSI) benefits (up to accounts of $100,000).
What disabilities qualify for an ABLE account?
Individuals that qualify for an ABLE account are those entitled to benefits based on blindness or disability under title II or XVI of the Social Security Act, and such blindness or disability occurred before the date on which the individual turned age 26.
The Attainable® Savings Plan does not require submission of documentation regarding the disability, but the IRS or Social Security Administration reserves the right to request this documentation and thus eligible individuals must retain proof in their personal records. Individuals saving in an Attainable® account will be required to certify and attest on the Attainable® account application that they meet and comply with the eligibility requirements as set forth under IRC Section 529A, including the annual re-certification requirements.
Are contributions to an ABLE account limited?
Annual aggregate contributions to an account cannot exceed the federal gift tax limit ($18,000 as of 2024), unless the beneficiary is working. The ABLE to Work legislation specifies that ABLE account beneficiaries who work and earn income may now contribute over the annual limit of $18,000 into their ABLE account. The additional permissible contribution amount equals the lesser of the individual's gross income or the amount equal to the federal poverty line set for one person, currently $14,580. This additional contribution over $18,000 is only permitted if the beneficiary is not participating in his or her employer's work retirement plan.
An account balance can grow without limit, but no additional contributions can be made that cause the balance to exceed $500,000.
Can the same beneficiary have a 529 college savings account and an ABLE account at the same time?
Yes, there is no prohibition against an individual being the owner or beneficiary of an ABLE account and the owner or beneficiary of a 529 college savings account simultaneously. Also, 529 account funds can be rolled into an ABLE account without incurring any tax or penalty. The funds rolled over from the 529 plan are subject to the annual contribution limit of $18,000 into an ABLE account. The rollover may originate from any state's 529 plan.
Are ABLE accounts tax deductible?
No, contributions to an ABLE account are not tax deductible, but earnings in the account are federally tax exempt when used for qualified expenses.
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