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Anyone have an ABLE Account? I have questions

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    Anyone have an ABLE Account? I have questions

    I'm pretty sure I would qualify, even though I am working, but I'm not sure if an ABLE account would be worth it or not for me.

    I get that the big thing about the ABLE account is still qualifying for Medicaid or SSI despite not being completely broke. This part doesn't interest me at all because I'm never going to qualify for Medicaid or SSI in my state purely based on SSD income I would have if I quit working.

    Nonetheless it seems like the ABLE account is kind of like a Roth IRA that you can contribute $15,000 a year to and never have to pay capital gains tax on. This is quite attractive to me. What you can spend the account on seems pretty broad, based on the websites I'm reading you can use it on pretty much any housing, medical or transportation expense, which seems like a big chunk of what I will need at some point in the future.

    I just don't know if the potential downsides outweigh the tax benefit.
    1. Investment options seem pretty limited.
    2. Potential for fees to eat up any benefit from the lower tax burden
    3. It would be a bit of a pain to keep up with another account and even more of a pain to track expenses (though really I track all my expenses anyway).
    4. I'd probably have to invest a lot of time and several hundred dollars into getting two doctors to certify that I am indeed still just as disabled as I was when I was on SSD

    Anybody have an ABLE account? Any problems with it? Was it worth it? Is it worth the fees?

    My alternative to the ABLE account would be putting that $15,000 in a taxable brokerage account, so I'd have to pay cap gains taxes, but would have much more freedom with what I could invest in.

    I have an ABLE account through Tennessee. I agree the investment options are limited, but you are able to have an account in another state, so there may be more options. I decided on TN because I liked their aggressive option (POAGX). It appears they no longer accept applicants from outside TN though. I’m hoping to save through the account for a down payment on a home in a year or two.


      Just bumping this back up in the hopes that someone else has utilized or considered ABLE accounts and can chime in.

      Now that I think about it I probably don't need a doctor's note since I was on SS disability prior to age 26 and my condition never changed. If anyone gives me a hard time about it in the future I can just show them SSDI records.