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 Money can be withdrawn and spent on qualified expenses, or INvestABLE Indiana account holders can choose to grow their finances and create long-term savings with tax-free earnings.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.

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