Are there any limits to how much I can contribute?

Standard Contribution Limit

There’s an $18,000 yearly limit for standard contributions. This includes any gift contributions made to your account.

ABLE to Work Contribution Limit

If a beneficiary is working, they can save an extra amount through ABLE to Work. ABLE to Work and standard contributions are tracked separately.

A beneficiary can save up to $14,580 in 2024, or the total of their wages, whichever is less – in addition to the Standard Contribution Limit.

For example, if a beneficiary makes $30,000, the most they can save as an ABLE to Work Contribution is $14,580 in 2024. If they make $5,000 a year, the most they can save as an ABLE to Work Contribution is $5,000.

If the beneficiary is saving for retirement, they cannot take advantage of ABLE to Work. If the beneficiary or their employer is contributing to a defined contribution plan (401(k)), annuity plan (403(b)), or deferred compensation plan (457(b)) this calendar year, the beneficiary is not eligible to make ABLE to Work contributions.

Lifetime Maximum Value

There is a lifetime maximum value of $400,000 for each Oregon ABLE Savings Plan account.

When your account reaches $400,000 you can still accrue earnings, but you won’t be able to make additional contributions until the balance dips below $400,000.  

SSI Limit

There’s also a limit of $100,000 before funds start to count against your $2,000 asset limit for Supplemental Security Income (SSI). You will continue to receive Medicaid and any other benefits you were receiving.