LANCASTER – PA State Treasurer Stacy Garrity paid a visit to VisionCorps in Lancaster County as part of a statewide tour to celebrate the PA ABLE Savings Program surpassing $100 million in assets. PA ABLE accounts are a tax-free way for Pennsylvanians with disabilities and their families to save without affecting eligibility for important benefits. PA ABLE was enacted in 2016 and since then, has grown to more than 8,400 accounts with over $110 million saved. More than $37.6 million has been withdrawn for disability-related expenses, like groceries, rent, healthcare, transportation, and longer-term expenses including education and assistive technology. PA ABLE offers seven different savings and investment options, including a checking account. Account owners can contribute up to $18,000 per year. The contributions can be deducted from PA state income taxes, and PA ABLE account owners pay no federal or state income tax on account growth when used for qualified withdrawals. To learn more about program eligibility and how to start saving with the program, visit paable.gov or call 855-529-2253.
