Exciting news! Starting January 1, 2024, the Annual Contribution Limit for NC ABLE accounts will increase to $18,000, up from the previous limit of $17,000. This total includes all contributions from all sources. Remember, anyone can contribute to an NC ABLE account – Account Owners, Authorized Individuals, family, friends and other third parties.
Working Account Owners can save even more! Working NC ABLE Account Owners who do not already participate in an employer-sponsored retirement plan can contribute an additional amount equal to gross wages for the year or the one-person poverty level for the previous year, whichever is lower. According to the U.S. Department of Health and Human Services (HHS) Poverty Guidelines, the one-person poverty level for 2023 is $14,580 for the 48 contiguous states. So, if an NC ABLE account holder is working and has the resources, they can save up to $32,580 in 2024.
Learn more about NC ABLE and Working Account Owners at NCABLE.org or read the Plan Disclosure Booklet.
Get involved!
- Be sure to follow NC ABLE for more updates on Facebook and 𝕏 (formerly Twitter) by using the social media handle @NCABLEProgram.
- Invite NC ABLE to present to your group: https://ncable.nc.gov/presentation-request.