What is the NM STABLE program?
NM STABLE enables qualifying people with physical and intellectual disabilities to establish tax-free savings accounts. They can put aside money to cover expenses related to their disability—including assistive technology, personal assistance services, housing, and healthcare—without losing their eligibility for public assistance. Individuals with disabilities with an onset before age 26 can save and invest up to $18,000 a year (and, if employed, up to $14,580 more) for a wide range of qualified expenses. Best of all, your Supplemental Security Income (SSI) will not be affected as long as the account balance stays below $100,000. Other federally means-tested benefits are not affected regardless of the amount saved in the account.
How can I learn more about NM STABLE?
Click here to go directly to the NM STABLE website.
Or contact Jerri Mares, Programs & Outreach Coordinator, at (505) 955-1136, or Jerri.Mares@sto.nm.gov
Additional Resources
| ABLE National Resource Center | http://www.ablenrc.org/ |
| Social Security Administration | https://www.ssa.gov/ |
History of the ABLE Act and The NM STABLE program
The Federal “Achieving a Better Life Experience” (ABLE) Act was adopted in 2014 and was enacted in the 2016 New Mexico Legislative session as the “Accounts for Persons with Disabilities Act.” The ABLE Act allows qualifying people with physical and intellectual disabilities to establish tax-free savings accounts to put aside money to cover expenses related to their disability—including assistive technology, personal assistance services, housing, and healthcare—without losing their eligibility for public assistance.
The New Mexico State Treasurer ABLE (NM STABLE) accounts are administered as a 529A account, similar to the 529 College Savings Program. Beneficiaries may choose from a variety of investment options, similar to 529 college savings accounts or Roth IRAs. Participants can withdraw and spend money as needed for qualified expenses.