It’s more than just investing.
It’s investing for a better life.
STABLE Kentucky is helping Kentuckians to achieve greater independence and financial security through the power of STABLE accounts.
STABLE Kentucky provides:
Access to STABLE accounts for Kentuckians with disabilities
Tax-free savings for disability-related expenses
The ability to save and invest without losing needs-based benefits
For too long, people with disabilities could not save for the future out of fear of losing needed government benefits. The disability community fought long and hard to change this, and together we’ve come up with a solution.
A STABLE account through STABLE Kentucky is a way for Kentuckians to save for qualified expenses, invest for future needs, and keep the benefits you rely on every day.
Are you eligible?
Any resident of Kentucky who developed a qualifying disability before the age of 26 is eligible for a STABLE account through STABLE Kentucky. If someone cannot open an account themselves, an Authorized Legal Representative (also known as an ALR) can do it for them.
An ALR must attest that they have been selected by the beneficiary with legal capacity, designated as the Power of Attorney, Legal Guardian, or Conservator for the beneficiary, are a spouse, parent, sibling, or grandparent of the beneficiary, or are a representative payee (individual or organization).
What are the benefits of a STABLE account through STABLE Kentucky?
Accountholders can save and invest up to $16,000 a year (and, if employed, up to $12,880 more) for a wide range of eligible expenses. The account’s growth is tax-free and your contributions may qualify for a state income tax deduction.
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.
You’ll also have access to our network of established partners in the disability community for more support in reaching your financial goals, including the STABLE Visa® Card, which can be used to spend money on qualified expenses.
How does it work?
The account can be managed online, so it’s easy to access, contribute, or withdraw money; even friends and relatives can add to the account.
It’s never been easier to save and invest for your future.
Make easy online deposits
Contribute up to $16,000 per year. If employed, you may be able to contribute up to an additional $12,880 of income.
Enjoy diverse investment choices
Choose from among five different investment options, including four mutual fund-based investments and one FDIC-insured savings option.
Take advantage of flexible change options
You have the freedom to change your investment options twice every calendar year.
What are qualified expenses?
Money in your account can be used for everyday needs, as well as unexpected events. The qualified expenses are geared toward improving health, independence, and quality of life. Including:
Employment training and support
Personal support services
Health, prevention, and wellness
Oversight and monitoring
Funeral and burial