INvestABLE Indiana – Carey Services

13Jul, 2018

State Treasurer Visits Carey Services

State Treasurer Kelly Mitchell visited Carey Services on July 13 to celebrate the first anniversary of INvestABLE Indiana. After a discussion with Carey Services’ officials and a tour of the agency’s facility, Mitchell spoke with agency employees and clients, family members, and community members about INvestABLE Indiana, the newest program in the treasurer’s office.

“During these beginning years of the program, it is vital that we reach out to the community and share the news of this program,” Mitchell said. “I want to thank Carey Services for hosting this informational session for their employees and the community here in Marion.”

During its inaugural year, the Indiana ABLE Authority has seen extraordinary growth and use of the plan. Nearly 200 accounts have been opened, and more than $559,000 in assets are under management. The average account balance is more than $3,000.

“INvestABLE Indiana is a great avenue to allow individuals with disabilities in Grant County to have savings, while protecting their benefits that they need to thrive and assure their needs are met over the long haul,” said Jim Allbaugh, Carey Services’ president and chief executive officer. “We are very thankful Treasurer Mitchell joined us today at Carey Services, and we hope this event will yield multiple ABLE accounts being set up in Grant County.”

INvestABLE Indiana offers seven investment options, including a checking account option with a debit card. Up to $15,000 a year can be saved in an account, with a maximum account balance of $450,000. An individual receiving Social Security benefits can save up to $100,000 in their INvestABLE Indiana account and not risk losing their monthly benefit. Money can be withdrawn and spent on qualified expenses, or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings.

To qualify for an ABLE account, the account owner must have the onset of disability or blindness before the age of 26 and qualify for Social Security benefits. If they do not qualify for Social Security benefits, but still meet the age of onset disability requirement, they must have a condition listed on the Social Security Administration’s List of Compassionate Allowances or be able to provide a physician’s certification that the disability is expected to last at least a year.

Learn more at www.in.savewithable.com.

5Jul, 2018

State Treasurer to visit July 13

Kelly Mitchell, Indiana state treasurer, will visit Carey Services on July 13 to celebrate the first anniversary of the INvestABLE Indiana savings plan.

The treasurer will meet with local residents and community leaders at 11 a.m. in the Building B multi-purpose room on Carey Services’ Marion campus, 2724 S. Carey St. She will provide updates on the program’s first year. The savings plan is the state’s version of the national Achieving a Better Life Experience account program.

This plan allows for the creation of tax-advantaged savings accounts for individuals with disabilities to save for their future and pay for disability-related expenses without endangering the person’s disability benefits. This will help those with disabilities by easing financial burdens and allowing for financial savings to cover qualified living expenses including, but not limited to, education, transportation, housing and medical needs.

INvestABLE Indiana offers seven investment options, including a checking account option with a debit card. Up to $14,000 a year can be saved in an account, which can have a maximum balance of $450,000. Individuals receiving Social Security benefits can save up to $100,000 without risking losing their monthly benefits.

Money can be withdrawn and spent on qualified expenses, or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings. Contributions and earnings in INvestABLE Indiana accounts are not subject to federal or state income tax if spent on qualified expenses, similar to a 529 College Savings account.

To qualify for an ABLE account, the account owner must have the onset of disability or blindness before the age of 26 and be receiving Social Security benefits. If they are not receiving Social Security benefits, but still meet the age of onset disability requirement, they may still be eligible if they meet Social Security’s definition and criteria regarding significant functional impairment, and can provide a letter of certification from a qualified physician.

To learn more about the INvestABLE Indiana savings plan, visit in.savewithable.com.

14Aug, 2017

Investable Indiana ABLE Account Information is Online

Indiana Treasurer Kelly Mitchell recently launched the INvestABLE Indiana savings plan, which will ease financial burdens on individuals with disabilities. It’s the state’s version of the national Achieving a Better Life Experience account program.