How do I withdraw money? ›

You can make withdrawals of at least $10 at any time online. A transfer can take between 2-7 business days to complete, depending on how the money is allocated. Withdrawals from the Cash Option take 2-3 business days. It takes 5-7 business days to transfer funds between your ABLE account’s investment options and your bank account. For existing ABLE Prepaid Card customers, funding scheduled before 4 pm PT on a business day will be available on the card the next business day. For new Prepaid Card customers, funding times may vary while the account is set up. It may take up to 5 business days for the full amount of requested funds to be available on the card.If you request a check, a $2.50 fee will be deducted from the check amount.  You’ll get the payment in 5-7 business ...
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How do I add money? ›

Once your bank is connected, you can make a contribution of at least $10 directly into your ABLE account at any time online. It’s easy and secure. You can also set up monthly transfers of at least $10 to add funds automatically each month. It takes 2-7 business days for online transfers to be completed.You can also make a contribution by check. Make your check payable to: Oregon ABLE Savings PlanDownload and complete a Contribution FormMail the check and completed form to:Oregon ABLE Savings PlanP.O. Box 534430Pittsburgh, PA 15253-4430Keep in mind that when you make a contribution, you must wait 5 business days before you can withdraw the money. Additionally, you must wait 20 business days before you can withdraw funds from a gift contribution.
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Can I change how my money is allocated? ›

You can change the allocation of future contributions up to twice per year. Since you can only make investment changes on your account twice a calendar year, including allocation changes and investment option changes, if you change your allocation of future contributions, that counts towards your twice a year limit. Head over to your account and decide how much of your future contributions you want to save in the cash option and/or investment. 
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What’s the difference between an investment and saving in a cash option? ›

Money saved in a cash option could earn minimal interest. The numbers will fluctuate slightly based on the interest rate of the US capital markets. With an investment, you can choose which portfolio to invest in based on your needs, and there’s a change of your money growing over time. Withdrawals usually take 2-7 business days to complete depending on how the money is allocated.
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What is a cash option? ›

A cash option is a conservative alternative to investing. If you plan on spending money from the account in the near future, this option is faster to withdraw. Your assets are protected in an FDIC-insured account. Keep in mind that with a low level of risk there’s also a lower level of returns. See the Plan Disclosure Booklet for more information on FDIC insurance.
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Can I change my investment option? ›

Yes, you can change your investment options twice per year. This includes both allocation and investment option changes. If you do make a change to your investment option, we’ll sell your units in the original option and use the proceeds to buy units in the new one. You can make changes in your online dashboard, or with this form.
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How do I choose an investment option? ›

If you decide to invest all or some of the money, there are three investment options to pick from: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. Each one has its benefits and limitation. We can help educate you on the differences between the three, but we can’t tell you which one to pick. You can learn more about these options on the How it Works page and the Plan Disclosure Booklet. 
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Are there any limits to how much I can contribute? ›

Standard Contribution LimitThere’s an $18,000 yearly limit for standard contributions. This includes any gift contributions made to your account.ABLE to Work Contribution LimitIf 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 ...
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How does the account work? ›

Everything can be managed online. The money can be saved in a cash option and/or invested in one of the three investment options offered: ABLE Conservative, ABLE Moderate, and ABLE Aggressive. These choices are made during the account setup. By law, you can make investment changes on your account only twice a calendar year, and this includes changes to the allocation between cash/investment or changes to the investment option. Contributions and withdrawals can be initiated whenever you want.
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What happens if I withdraw money for a non-eligible expense? ›

You do not need to have your expenses approved in advance. Eligible expenses include anything that improves or maintains the health, independence, or quality of life of the person with a disability. The federal government acknowledges that each of us has different needs and an idea of what a good quality of life is. They intentionally left the definition of eligible expense broad because it will vary person to person, and situation to situation.If you or the IRS decides that you’ve had a non-eligible expense, you will have to pay taxes on the withdrawal’s earnings and a 10% penalty on the earnings. A withdrawal used for a non-eligible expense could affect your eligibility for Supplemental Security Income (SSI) benefits, Medicaid, etc.
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How do I prove an eligible expense? ›

You do not need to have your expenses approved in advance. Eligible expenses include anything that improves or maintains the health, independence, or quality of life of the person with a disability. The federal government acknowledges that each of us have different needs and an idea of what a good quality of life is. They intentionally left the definition of eligible expense broad because it will vary person to person, and situation to situation.Keep your receipts and documentation for all eligible expenses in case the IRS wants to see them. We don’t need proof of your expenses, but you should have it for your records.
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Can I use funds to pay for housing or rent? ›

You can use money from an ABLE account for housing expenses. Plus, having an ABLE account doesn’t affect other housing benefits, like Section 8.If you’re eligible for Supplemental Security Income (SSI), the money must be used within the month it was withdrawn so it doesn’t affect your SSI eligibility. For example: If your rent is due Feb. 1, do not withdraw it in January. Instead, talk to your landlord about having your rent due a few days later. That way, you can withdraw funds on the 1st and then give them to your landlord.
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What qualifies as an eligible expense? ›

There’s a wide range of eligible expenses that cover most costs associated with living with a disability. As long as the expense helps maintain or improve the health, independence, or quality of life of the person living with a disability, it can qualify as an eligible expense.The federal government acknowledges that each of us has different needs and an idea of what a good quality of life is. They intentionally left the definition of eligible expense broad because it will vary person to person, and situation to situation. They have specifically listed these categories as being eligible expenses: living expenses, education, housing, transportation, employment, job training, career support, assistive technology, personal support services, health, prevention, wellness, financial ...
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How do I know if I’m an Authorized Legal Representative (ALR)? ›

An Authorized Legal Representative (ALR) is someone who is legally authorized under state and federal law to make decisions for the beneficiary. You’re an ALR if you are selected by the eligible beneficiary with legal capacity, you have Power of Attorney, are a conservator or legal guardian, are a spouse, parent, sibling, or grandparent, or are a representative payee (individual or organization), in that order of priority. If you don’t currently have Power of Attorney for a beneficiary, you can use this form for limited Power of Attorney or find more information here.
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