Illinois

New rule nearly doubles eligibility for Illinois ABLE savings accounts

Published

3 months ago

March 9, 2026

New rule nearly doubles eligibility for Illinois ABLE savings accounts

ILLINOIS – Illinois is making it possible for thousands more people with disabilities to set aside money for their needs without losing critical federal benefits.

A new rule, announced this week by State Treasurer Michael Frerichs, raises the eligibility age so that anyone whose disability began before age 47 can now open an ABLE (Achieving a Better Life Experience) savings account.

The change nearly doubles the number of Illinois residents who can use the program, which lets people with disabilities save and invest money tax-free for qualified expenses.

Frerichs called the expansion a “game changer,” estimating that 250,000 additional Illinoisans and about 6 million people nationwide now qualify.

“We’re happy to report that ABLE accounts are now available to anyone who acquired their disability before age 46, and I think this is a game changer for a lot of people,” Frerichs said.

Until this expansion, ABLE accounts were only available to people who acquired a disability before age 26. That restriction left out veterans, accident survivors, and people diagnosed with disabling conditions later in life. The new rule took effect this year after Congress responded to calls from Illinois advocates and families to expand access.

How ABLE accounts work:

An ABLE account functions much like a 529 college savings account. Account holders, friends, and family can contribute cash, which is then invested. The money grows tax-free as long as it is used for disability-related expenses such as housing, transportation, assistive technology, or education. Illinois also offers a state income tax deduction for contributions.

Before ABLE accounts, people with disabilities who received Supplemental Security Income (SSI) or Medicaid faced strict asset limits. Having more than $2,000 in savings could mean losing those benefits.

“This created a lot of anxiety for families who were preparing,” Frerichs said. “There’s a lot of fear for people who wanted to go out and work. What would happen if my paycheck put me over that threshold? Well, ABLE is the answer.”

The program allows up to $100,000 in savings without affecting federal benefits. Earnings and withdrawals remain tax-free if used for qualified expenses.

Real-life impact:

Frerichs shared stories from families who had to make difficult choices before ABLE accounts existed.

“I talked to parents who had to tell their children’s employer don’t give my kid a raise,” he said. “I’ve talked to parents who talked with their financial advisors, saying, don’t name your child in your will. We created a system that put parents in horrible positions, but now we have a solution that allows them to do more long-term planning and to truly set their kids up for a better life experience.”

Stephanie Cantor, director of the Illinois ABLE program, said the expansion lets her and thousands like her save for expenses that come with disability.

“Living with a disability just costs more, and it makes me think of all the ways an ABLE account could have been useful to me over the years to be able to save money and pay for these expenses,” Cantor said.

What’s next:

Illinois has about 8,500 ABLE account holders who have saved $121 million so far. The state treasurer’s office encourages anyone who thinks they may qualify to learn more and apply at illinoisable.com.

The Source: The information in this article was reported by FOX Chicago’s Terrence Lee.

IllinoisNewsMoney

Source link

Related Topics:Featured IL money news us

Click to comment

Illinois

Illinois Tollway proposing increased tolls in 2027 to fund $26.5 billion in road construction

Published

5 hours ago

June 20, 2026

Press Room

Illinois Tollway proposing increased tolls in 2027 to fund .5 billion in road construction

Illinois drivers might soon have to pay more to drive on the state’s tollways.

The Illinois State Toll Highway Authority has proposed an increase in tolls in 2027. If approved by the board, it would be the state’s first toll hike since 2012.

Anyone who drives in the Chicago area likely jumps on one of the Illinois tollways at some point.

“I try to avoid them, you know what I mean? But if I’ve got to get somewhere, and it’s like 10 minutes quicker, I’ll just take the toll,” said Shomari Dyson.

But that toll could cost Dyson and thousands of drivers who take it an average of 45 cents more per toll for passenger vehicles and 30% more per toll for commercial vehicles starting Jan. 1, 2027, if the Illinois tollway board approves the proposed toll hike, and those paying the tolls aren’t happy

“It’s ridiculous. I’m constantly getting tolls, charges, refills on my bank account when my iPass goes through. So, I can imagine it’s just going to happen more and more often,” Jon Jackson said.

Currently, tolls run as low as 30 cents and as high as $1.50 at various toll plazas.

This proposed hike could place the average toll well over a $1 every time drivers pass through an automatic toll plaza.

“I like to know where my money is going, and then [Interstate] 294 has been under construction for the last 15 years, and that is frustrating,” Frank Faso said.

The tollway said the hike is needed to handle projected repairs for road widening, bridge repair, and new technology. It’s all tied to a 15-year capital improvement program estimated to cost $26.5 billion.

The tollway board also wants automatic inflation-based increases every two years starting in 2029.

“We pay our taxes, man, you know what I’m saying? So all that extra, it’s nonsense,” Dyson said.

“If we’re going to void and not take part in things like the World Cup and Soldier Field that’s going to bring tax revenue to the state, they shouldn’t charge me for it,” Faso said.

The board must hold a dozen meetings in various counties to get the public’s take before voting on the toll hike. The first one kicks off in August, but drivers question if the public hearings are really about input.

“I think they’re just going to keep going through the motions,” Jackson said.

In:

Source link

Illinois

Illinois has already broken the record for number of tornadoes in a year — and it’s only June

Published

16 hours ago

June 19, 2026

Press Room

Illinois has already broken the record for number of tornadoes in a year — and it’s only June

Illinois has seen more tornadoes in 2026 than in any year on record.

Following several more tornadoes confirmed this week across the state, Illinois has recorded 143 tornadoes so far in 2026, beating the previous record of 142 tornadoes set in 2024. With reliable records dating back to 1950, Illinois averages just 54 tornadoes per year. But in recent years, the state has experienced many more:

2023: 121
2024: 142
2025: 126
2026: 143 and counting

Unlike 2024, when a record two-day tornado outbreak accounted for a large share of the year’s tornadoes, the activity in 2026 has been spread out across several months.

On Thursday, June 11, a tornado outbreak brought at least 21 confirmed tornadoes to northern Illinois and northwest Indiana, 13 of them in Illinois. Two tornadoes that day — in Streator, Illinois, and Hebron, Indiana — reached rare EF-3 intensity, with winds over 135 miles per hour. Numerous injuries were reported from the storms, but there were no fatalities.

Confirmed tornadoes from June 11:

Long Point to Streator, IL: EF-3
Wenona/Osage Township, IL: EF-1
Graymont to Dwight, IL: EF-1
Lee, IL: EF-U
Harpster to Elliott, IL: EF-0
Pembroke Township (Leesville), IL: EF-U
St. John to Schererville, IN: EF-0
Paxton/Loda, IL: EF-1
Merrillville to Hobart, IN: EF-2
Ludlow, IL: EF-1
Cedar Lake, IN: EF-0
Schneider to Hebron, IN: EF-0
Watseka, IL: EF-0
Hebron to Kouts, IN: EF-3
Wellington/Prairie Green Township, IL: EF-1
Bartlett, IL: EF-1
Boswell to Atkinson, IN: EF-1
Ade to Mount Ayr, IN: EF-0
Naperville to Lisle, IL: EF-0
Hickory Hills to Garfield Ridge: EF-2
Morocco, IN: EF-0

Though most of the Chicago area dodged severe weather from storms this week, the National Weather Service confirmed a brief tornado touchdown Wednesday night in Lake County near Grayslake. The EF-0 tornado had estimated winds of 80 miles per hour and was on the ground for about a quarter-mile. Damage consisted of several downed or split trees and sporadic minor roof damage along a narrow corridor in the Saddlebrook Farms subdivision.

Four more tornadoes were confirmed Wednesday in western and central Illinois. NWS crews are still surveying damage in central Illinois, and more tornadoes may be added to the count in the coming days.

With 143 tornadoes so far this year, Illinois leads the nation in tornado count for the third time in the last four years — a remarkable statistic for a state not typically thought of as being in Tornado Alley.

The recent increase in tornado activity across Illinois and the Midwest fits research showing a shift in tornado-favorable environments away from parts of the traditional Plains Tornado Alley and farther east into the Midwest and South. Climate change is one likely factor, as warming temperatures are expected to make the Plains hotter and drier overall, shifting tornado ingredients eastward toward the Mississippi River.

In:

Source link