State Treasurer Curtis Loftis Proclaims August as ‘Palmetto ABLE Savings Month’

(Left to Right: Larry Lucas- BIASC Board President-Elect / Treasurer, Curtis Loftis- State Treasurer, Joyce Davis - Executive Director of BIASC, Melissa Ritter- Chair of SCBIL)

COLUMBIA, SC– State Treasurer Curtis Loftis proclaimed August as Palmetto ABLE Savings Month to remind South Carolinians about the value and impact of the state’s Palmetto ABLE Savings Program.

As part of the observance, the Palmetto ABLE Savings Program is encouraging South Carolinians to open a new account with an initial contribution of at least $25 to activate the account by August 30, 2025 to receive a $25 matching contribution from STABLE Account.  There is only one incentive paid per account.

“We know the financial challenges of living with a disability can be substantial. That’s why we encourage our South Carolina citizens and the families caring for them to consider opening an account through the Palmetto ABLE Savings Program. It’s a great way to enhance their financial well-being and help them manage the extra expenses they may have related to their care and quality of life,” said Treasurer Loftis, who administers the Palmetto ABLE Savings Program for the state. “With the added benefit of a matching contribution, August is a great time for our citizens living with a disability to start their savings journey.”  

The state observance coincides with National ABLE Savings Day on Thursday, August 14, 2025, with ABLE programs across the United States celebrating that individuals living with disabilities have the opportunity to save and plan for their financial future.

Established in 2014 by Congress, the Stephen Beck, Jr. Achieving a Better Life Experience Act (ABLE Act) created an opportunity for eligible individuals with disabilities and the families caring for them to save while preserving eligibility for public benefits.

“ABLE accounts are providing  individuals with disabilities and their families with a pathway to build financial independence,” Loftis added. “In South Carolina, we have over 3,800 individuals who have opened a Palmetto ABLE savings account and are using them to pay for disability-related expenses.”

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 are empowering many to save for future wants and needs.

Changes made by Congress will expand the number of Americans eligible to open ABLE accounts with the increase of the disability onset from 26 to 46 years of age, starting in January of 2026. 

Contributions to Palmetto ABLE accounts can come from the account owner, family, friends and other sources. Interest on the investments in an ABLE account grows free from state and federal taxes and are never taxed when used for qualified disability expenses. To learn more, visit PalmettoABLE.com.