What is the ABLE New Mexico program?
ABLE New Mexico enables qualifying people with physical and intellectual disabilities to establish tax-free savings accounts. They can put aside money to cover expenses related to their disability—including assistive technology, personal assistance services, housing, and healthcare—without losing their eligibility for public assistance. Individuals with disabilities with an onset before age 26 are eligible for the accounts and can contribute as much as $15,000 per year with a lifetime limit of $100,000.
How can I learn more about ABLE New Mexico?
Click here to go directly to the ABLE New Mexico website.
Or contact Jerri Mares, Programs & Outreach Coordinator, at (505) 955-1136, or Jerri.Mares@sto.nm.gov
Click here to download a flyer regarding the ABLE Act and the COVID-19 federal stimulus check.
Or read the ABLE New Mexico Newsletter. You can download issues here; just click on the month:
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
Or watch this YouTube video about ABLE New Mexico:
Additional Resources
| ABLE National Resource Center | http://www.ablenrc.org/ |
| The Arc | http://www.thearc.org/ |
| New Mexico Human Services Department | http://www.hsd.state.nm.us/ |
| Social Security Administration | https://www.ssa.gov/ |
History of the ABLE Act
The Federal “Achieving a Better Life Experience” (ABLE) Act was adopted in 2014 and was enacted in the 2016 New Mexico Legislative session as the “Accounts for Persons with Disabilities Act.” The ABLE Act allows qualifying people with physical and intellectual disabilities to establish tax-free savings accounts to put aside money to cover expenses related to their disability—including assistive technology, personal assistance services, housing, and healthcare—without losing their eligibility for public assistance. Individuals with disabilities with an onset before age 26 are eligible for the accounts and can contribute as much as $15,000 per year with a lifetime limit of $100,000.
The ABLE accounts are administered as a 529A account, similar to the 529 College Savings Program. Beneficiaries may choose from a variety of investment options, similar to 529 college savings accounts or Roth IRAs. Participants can withdraw and spend money as needed for qualified expenses.