State Treasurer Stacy Garrity announced that the PA ABLE Savings Program has surpassed $75 million in assets for the first time.

PA ABLE (Achieving a Better Life Experience) is a tax-free way for Pennsylvanians with qualifying disabilities and their families to save without affecting eligibility for government disability benefits. Funds may be used for a wide range of disability-related expenses.

“The fantastic growth in our PA ABLE program shows how important these accounts are for Pennsylvanians with disabilities and their families,” Garrity said.

About 7,000 Pennsylvanians have saved $75.3 million for disability-related expenses since the program started in 2017.

PA ABLE allows for up to $16,000 in savings per year and up to $100,000 lifetime savings without impacting government benefits. Tax benefits include no federal or state income taxes owed on earnings or qualified withdrawals; a state income tax deduction for contributions up to $16,000 annually; and exemption from state inheritance tax.

To be eligible for PA ABLE, a person’s disability must have occurred prior to their 26th birthday. To learn more about the program go to paable.gov, email info@paable.gov or call 855-529-2253.