Why IL ABLE

IL ABLE Accounts make it possible for people with disabilities and their families to save and invest their money for expenses related to living with a disability.

  • Be in control: An IL ABLE Account can be opened by an Eligible Individual or Authorized Individual living in any state, at any time. See Who Can Open an IL ABLE Account.
  • Protect federal benefits: Eligible Individuals can save up to $100,000 without risking Supplemental Security Income (SSI) benefits. See IL ABLE & Public Benefits.
  • Save and spend tax-free: Account Owners can save and invest up to $16,000 a year ($17,000 beginning January 1, 2023) – and if working, up to $12,880 more. Earnings and withdrawals on IL ABLE Accounts are tax-free if they are used for a wide range of Qualified Disability Expenses.
  • Save your way: IL ABLE offers six high-quality, low-cost Investment Options, plus an FDIC-insured Checking Account Option with a debit card and no overdraft fees.
  • Get a tax deduction: Illinois taxpayers who contribute to any IL ABLE Account may be able to take a state income tax deduction – up to $10,000 if filing as an individual or $20,000 if filing jointly.
  • No hidden fees: Depending on which Investment Option(s) are selected, the Annual Asset-Based Fees on the six Target Risk Options range from 0.30% to 0.33%. Each account is charged an Annual Account Maintenance Fee of $59.00. If E-Delivery is selected, the Annual Account Maintenance Fee is reduced to $34.00.

It's easy to open an IL ABLE Account. Start saving today.

Read the Plan Disclosure Booklet.