August 2021: #AbleToSave Month

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

 

WHEREAS, many of these individuals 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, 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 Supplemental Nutritional Assistance Program; and,

 

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

 

WHEREAS, MiABLE account holders have invested more than $29 million, with nearly 6,000 accounts having an average balance of more than $4,800; and,

 

WHEREAS, the goal of the #AbleToSave Month 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 August 2021 will encourage all public, consumer, community-based, and private sector organizations to provide information and resources to residents of Michigan about MiABLE accounts through the "I Will Never Lose" statewide awareness campaign;

 

NOW, THEREFORE, I, Gretchen Whitmer, governor of Michigan, do hereby proclaim August 2021 as #AbleToSave Month and encourage our citizens to work together to enhance awareness of and education about MiABLE accounts.