August 2019: #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 that offers investment and tax incentives to 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, 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 saving up to $100,000 without compromising other financial disability benefits; and,

 

WHEREAS, MiABLE account holders have invested more than $10 million, with nearly 3,000 accounts having an average balance of more than $3,600; and,

 

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

 

WHEREAS, the establishment of #AbleToSave Month for August 2019 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 the month of August 2019 as #AbleToSave Month and encourage our citizens to work together to enhance awareness of and education about MiABLE savings accounts.