Augusta, ME (August 11, 2025) – August 14, 2025, marks the second annual national ABLE Savings Day, hosted by the ABLE Savings Plans Network of the National Association of State Treasurers, when ABLE savings plans across the country will celebrate the value they bring to people with disabilities. In honor of this day, Governor Janet Mills has issued a proclamation declaring August 14th, 2025, as National ABLE Savings Day in Maine, adding “and I urge families and employers to recognize the benefits ABLE savings plans have for our fellow residents who are disabled in reaching their full financial potential.”
The State of Maine’s ABLE program, ABLE ME, was established in 2021 by then Maine State Treasurer, Henry E.M. Beck and is administered by Bangor Savings Bank. ABLE ME is designed to help eligible individuals with disabilities save for certain qualified disability expenses on a tax-advantaged basis without jeopardizing eligibility for federal means-tested benefits, such as Supplemental Security Income and Medicaid. Contributions to ABLE accounts can come from earnings, family, friends and other sources.
Maine Treasurer, Joseph Perry said, “One of the highlights of serving as Maine’s State Treasurer is bringing ABLE accounts to Mainers and our partnership with Bangor Savings Bank,” he said. “The program has quickly become an important financial tool for people with disabilities and their families. As the father of an adult child with autism, I am particularly aware of and grateful for this program which allows people with disabilities to save without jeopardizing the medical insurance they depend on.” Perry added that, to date, the ABLE ME program has nearly 1,700 accounts and over $10 million in assets held.
The Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) became law on December 19, 2014. The ABLE Act created an opportunity for eligible individuals with disabilities and their families to save while preserving eligibility for public benefits.
ABLE accounts can change the way individuals with disabilities and their families participate in the community, build financial wellness and plan for the future. Funds in the accounts can be used to pay for disability-related expenses that help maintain the individual’s health, independence and quality of life without losing access to federal means-tested benefits.
According to the National Association of State Treasurers, more than 195,000 Americans with disabilities have collectively saved $2.3 billion in ABLE accounts. With an average account balance of more than $11,000, ABLE accounts empower individuals to save beyond asset limits for much-needed expenses. More data can be found here.
Eligible individuals of any age can open an ABLE account. Beginning in January 2026, more Americans will be able to utilize these accounts thanks to the ABLE Age Adjustment Act which expands eligibility for tax-advantaged ABLE accounts by raising the age of disability onset from before 26 to before 46, allowing millions more individuals with disabilities—including veterans—to save for disability-related expenses without losing access to public benefits . For more information about ABLE Savings Plans, visit the National Association of State Treasurers’ ABLE today website here.
The Office of the Treasurer of State is established in Article V, Part Third of the Constitution of the State of Maine. The core duties of the Treasurer’s Office are debt management, cash management, trust fund administration and unclaimed property administration. Other major tasks assigned to the Treasurer are directorships on many of Maine’s quasi-governmental debt issuing agencies and distributions under the Municipal Revenue Sharing Program.
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[DG1]Maine’s ABLE account does not include investment options.