Able Account Fidelity for Smart Savings

Able account fidelity is a game-changer for smart savers. It allows you to save for disability expenses while maintaining eligibility for government benefits.

With an able account, you can save up to $14,000 per year, tax-free, for disability-related expenses. This means you can set aside money for essential items like wheelchairs, home modifications, and medical equipment.

Having an able account can also give you peace of mind, knowing you're prepared for the unexpected.

A Tax-Efficient Savings Strategy is a great way to plan for disability expenses. Any earnings in an account grow tax deferred.

This means you won't have to pay taxes on the interest or gains, which can add up over time. You can use the funds for qualified disability expenses, such as medical equipment or home modifications, and they'll be federal income tax-free.

Saving for disability expenses can be a smart move, especially if you have a family history of disability or chronic illness.

Having an able account fidelity can bring a lot of peace of mind, especially when it comes to preserving disability benefits.

Money in the account does not impact Medicaid benefits.

If you're receiving Supplemental Security Income (SSI) benefits, you can rest easy knowing that balances below $100,000 do not impact those benefits either.

This means you can use your able account fidelity to cover qualified disability expenses without worrying about it affecting your Medicaid or SSI benefits.

Some examples of qualified disability expenses include education, transportation, and health costs.

The Attainable Savings Plan offers a range of benefits for those who want to save for qualified disability expenses.

You can make annual contributions up to $19,000 for 2025, with the option to contribute even more if you have a designated beneficiary who is employed and has employment income, up to $34,060 per year.

The plan allows you to choose from a range of professionally managed investment portfolios that can be tailored to your individual needs.

With the Attainable Savings Plan, you can use your account to save and pay for qualified disability expenses over both the short and long term.

The plan is offered by the Massachusetts Educational Financing Authority and managed by Fidelity Investments.

Here are some key features of the Attainable Savings Plan:

With an Able Account Fidelity, you can breathe a sigh of relief knowing that your disability benefits are protected.

Money in the account doesn't impact Medicaid benefits, so you can use it to cover essential expenses without worrying about affecting your Medicaid coverage.

Balances below $100,000 also don't impact SSI benefits, which means you can use the account to cover qualified expenses without jeopardizing your Supplemental Security Income.

Here are some examples of qualified disability expenses:

You can move money out of an ABLE account and into another account without it counting against federal benefits as long as the ABLE account is still open and you have a firm intention of using that money for a qualified disability expense.

Some families choose to keep their ABLE account balance below $100,000, while others aim to accumulate as much as possible to take advantage of the plan's tax benefits.

To avoid impacting SSI benefits, withdrawals for housing-related expenses must be spent in the same month the funds were withdrawn from the ABLE account.

Fidelity allows funds to be transferred directly from an ABLE account into a Fidelity Cash Management Account, which offers a debit card and other convenient features.

Having an ABLE account can also be empowering for adult children with special needs, as it provides a place for them to save money they've earned.

Fidelity 529 Accounts are a type of savings account designed to help families save for higher education expenses.

You can open a Fidelity 529 account with a minimum initial deposit of $25, and there's no minimum balance requirement after that.

Fidelity 529 accounts offer a variety of investment options, including age-based portfolios and static portfolios, to help you choose the right investment strategy for your needs.

The contribution limits for Fidelity 529 accounts are set by the state where you live, and the maximum limit is $400,000 per beneficiary.

Fidelity charges no management fees for Fidelity 529 accounts, but you'll pay a small administrative fee of $0.01 to $0.07 per $1,000 invested.

The earnings on Fidelity 529 accounts grow tax-free, and withdrawals are tax-free if used for qualified education expenses.