Montpelier, VT - State Treasurer Mike Pieciak announced that over 1,000 Vermont Achieving Better Life Experience (ABLE) accounts have officially been opened in the State of Vermont. Former Treasurer Beth Pearce championed the establishment of the Vermont ABLE program, which was launched in Vermont in 2017.
Administered by the Treasurer’s Office, Vermont ABLE is a savings program offered to qualifying individuals with disabilities. The accounts allow individuals to save and invest money without impacting their public benefits like Medicaid and Supplemental Security Income (SSI). ABLE accounts can be used for disability-related expenses such as education, housing, transportation, healthcare, and more.
The Vermont ABLE program was designed to provide individuals with disabilities more financial stability and independence and navigate the “benefits cliff” where even a small amount of personal savings could significantly reduce critical public benefits.
“I want to thank and congratulate Treasurer Pearce for her leadership and foresight in establishing the Vermont ABLE program,” said Treasurer Pieciak. “It’s important to recognize the challenges Vermonters with disabilities encounter to achieve financial independence. Vermont ABLE accounts provide eligible individuals with financial security, the ability to save for the future, and the means to prepare for unexpected expenses, all without impacting their public benefits.”
“Reaching 1,000 accounts statewide is excellent progress, but I know there are thousands more Vermonters who could benefit,” stated Treasurer Pieciak. “I invite Vermonters to join us in spreading the word about this important program by sharing information with anyone who might benefit.”
Starting in 2026, eligibility for ABLE accounts will be expanded to individuals who experienced the onset of disability before age 46, rather than the current age limit of 26. This will expand eligibility to more adults who become disabled, including many veterans. As of October 2023, the average account balance was $8,610.23, with total assets in Vermont ABLE accounts totaling nearly $8.5 million.
Account enrollment is online. Vermonters can open an ABLE account and learn more by visiting Vermontable.com.