Rachel Biar, Assistant State Treasurer, Director of Enable
From new Account Owners to seasoned savers, no matter where one is in the savings process, questions and ideas will always arise. To help you gain clarity and make the best choices for your savings, this blog addresses common misperceptions related to the Enable Savings Plan.
Read on for our myth buster to be better informed about your account:
1. Myth: In order to open an Enable account the individual must be under 26 years of age.
Fact: Any individual who qualifies for an Enable account can open one at any age or time. In order to qualify, one must have the onset of their disability prior to their 26th birthday. See here to learn about further eligibility requirements.
2. Myth: My friends and family can only contribute to my account for special occasions.
Fact: Friends and family can gift to an Enable account any time of the year - for birthdays, celebrations, or even “just because.” Enable makes gifting easy through the online gifting platform Ugift, which does not require gift givers to register, know account information, or pay a service fee.
Another great option is to use a gift certificate contribution. With this method, simply fill out and mail a contribution coupon to Enable and download and print a card to give for the occasion.
3. Myth: It is not possible to roll over funds from a 529 Plan into an Enable account.
Fact: If families have extra 529 savings that they are not planning to use for higher education, these funds can be rolled over into an Enable account. This can be done from both a 529 account with the same beneficiary as the Enable account, or from a 529 account with a beneficiary in the same family.
Being proactive about your finances and savings strategy is a great way to pave the path for good savings habits. To all Account Owners, I challenge you to continue to explore questions you may have related to your finances and to be an ever-learner when it comes to the savings journey.