Aug. 28, 2019
Individuals who open a Michigan Achieving a Better Life Experience account have several options when investing their money, according to the Michigan Department of Treasury.
Known as MiABLE for short, the 529(A) account offers individuals the option of putting their money in federally insured savings or in market-backed investments. If an individual chooses to invest, they can choose among five options that range from conservative to aggressive investments.
“MiABLE allows account holders to choose what kind of investments they want to make,” State Treasurer Rachael Eubanks said. “If someone is not comfortable with an investment-style account, they can choose an insured risk-free savings account. It’s up to the account holder to choose which option meets their needs.”
Investors who choose an investment account can change investment options up to two times per year. Additionally, investments can be either spread across different plans or placed in one exclusive plan. Investment costs are under 1%.
Unlike traditional savings accounts, MiABLE savings are not considered when applying for other federal or state benefits, like Social Security Disability Income, Medicaid and Supplemental Nutritional Assistance Program. MiABLE accounts also allow for savings up to $100,000 without losing other financial disability benefits.
Funds from a MiABLE account are not taxed if used for qualified disability expenses, which include: education, housing, transportation, medical costs, employment training, assistive technology and personal support services, legal fee expenses for oversight and monitoring and end of life expenses.
For more details or to register an account, visit www.miable.org or call 844-656-7225.
To raise awareness about MiABLE and encourage additional savings, this month has been proclaimed by Gov. Gretchen Whitmer as #AbleToSave Month in Michigan.
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