August 2018: Michigan #Abletosave Month

WHEREAS, according to the U.S. Census, approximately 56.7 million people – 19 percent of the population in the United States – have a disability; and,

WHEREAS, many of these individuals with disabilities rely upon federal or state benefits to foster their independence, maintain their health, support their employment, participate in their communities and enhance their quality of life; and,

WHEREAS, the Michigan Achieving a Better Life Experience – MiABLE – program is a 529(A) savings account administrated by the Michigan Department of Treasury, offering investment and tax incentives for families and others who wish to save for individuals with disabilities; and,

WHEREAS, funds from a MiABLE account are not taxed if used for qualified disability expenses, which include education, housing, transportation, employment training and support, assistive technology and personal support services, legal fee expenses for oversight and monitoring, and funeral and burial expenses; and,

WHEREAS, MiABLE savings are not considered when applying for other federal or state benefits, such as Social Security Disability Income, Medicaid or the Supplemental Nutritional Assistance Program; and,

WHEREAS, MiABLE accounts allow for saving up to $100,000 without losing other financial disability benefits; and,

WHEREAS, MiABLE account holders have invested more than $5.6 million, with an average account having a balance of nearly $5,000;

WHEREAS, the goal of the #AbleToSave campaign is to enhance awareness of MiABLE accounts as a financial savings tool and to increase the amount of MiABLE accounts opened throughout the state; and,

WHEREAS, the establishment of #AbleToSave Month for the month of August 2018 across the State of Michigan will encourage all public, consumer, community-based and private sector organizations to provide information and resources to residents of Michigan about MiABLE accounts;

NOW, THEREFORE, I, Rick Snyder, governor of Michigan, do hereby proclaim August 2018 as #AbleToSave Month in Michigan.