If you’re the beneficiary of the account, make sure you have this information handy: Your email Your date of birth Social Security Number or Tax Identification Number Contact details Proof of eligibility If you’re an Authorized Legal Representative, you’ll need your information (email, date of birth, Social Security Number or Tax Identification Number, contact details, and work status. You’ll also need to know the beneficiary’s eligibility status and provide documentation of Power of Attorney or Legal Guardianship, unless you’re the parent of a beneficiary under the age of 18. If the beneficiary is not eligible for SSI or SSDI benefits, they need a signed Diagnosis Form from a licensed physician. You won’t need to provide it for registration, but the IRS ...
You have to add at least $25 to get the account started. After that, you can add as little as $10 at any time. Money can be added to the cash option and/or invested in one of three investment options. If you decide to make an investment, at least 10% of your total funds need to be invested in one of the three investment options: ABLE Conservative, ABLE Moderate, or ABLE Aggressive. Don’t forget: You’ll need the bank login information, or account and routing number to set your account up.
As long as the disability or blindness developed before the age of 26, there are no age restrictions. There’s legislation proposed to raise that age, but for now you can’t open an account if the onset of your disability or blindness occurred after age 26. An adult beneficiary can open an ABLE account for themselves. If a beneficiary is under the age of 18, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be able to show Power of Attorney or Legal Guardianship documentation, or be a parent of a beneficiary under the age of 18. Learn more about the role of an ALR.
Opening an ABLE account doesn’t cost anything, but you’ll need to make an initial contribution of at least $25 to get it started. There are some fees that help us provide and manage the accounts. You can check them out here.
There are some fees to keep the account up and running. After June 30, 2019, the annual flat fee will be $35 prorated quarterly and billed directly to your account at the end of each calendar quarter. Plus, there’s an annual administrative fee of 0.30% to 0.38% of the account’s balance and fees for the investment option. Please see the Plan Disclosure for more information about fees. Additional fees are added based on how you use the account: $10 per year for paper statements when you choose to opt out of electronic statements$2.50 per check withdrawal$25 if a transfer fails or a check bouncesAny additional services may have extra fees.
If you’re an eligible beneficiary with a Representative Payee, you can open an account for yourself. To have a Representative Payee open an account for you, they must meet the requirements of an Authorized Legal Representative (as a Power of Attorney, parent, or legal guardian). Because the role of Representative Payee is specific and unique to Social Security benefits, it doesn't apply to ABLE plans without Power of Attorney. Find out more about who can open an account.
If you’re an Authorized Legal Representative of more than one beneficiary, you can open an account for a new beneficiary from your account in a few steps. Once you’re signed into your ABLE account, look for the “Add an account” link in the upper right corner of the screen, or in the menu on mobile. Click it and follow the steps to create a new ABLE account.
Each beneficiary can only have one ABLE account open at a time. However, if you are an Authorized Legal Representative of one or more beneficiaries, you can manage multiple accounts. See how to open additional ABLE accounts.
An adult beneficiary with a qualifying disability can open and manage an ABLE account or have an Authorized Legal Representative do it for them. If a beneficiary is under the age of 18, they must have an Authorized Legal Representative (also known as an ALR) do it for them. An ALR must be able to show Power of Attorney, Legal Guardianship documentation, or be a parent of a beneficiary under the age of 18. (Learn more about the ALR role). Alternatively, a Social Security Representative Payee who has Power of Attorney can qualify as an ALR and can open an account for an eligible beneficiary. Either way, a beneficiary can only have one ABLE account at a time.