Dear CalABLE Community,
As we approach the end of the year, I reflect on the incredible journey we've undertaken together over the past nearly six years. When I first joined CalABLE as its Executive Director, it was little more than a dream in the eyes of those who envisioned the positive impact it could have on the lives of people with disabilities in California. Today, I am proud to say that the dream has become a reality, thanks to the hard work of many dedicated individuals like you.
On December 18, 2018, we marked a significant milestone as the first CalABLE account owners placed their funds and trust in this groundbreaking program. Since then, it's been a whirlwind of success, with over 10,000 people opening CalABLE accounts and collectively saving and investing more than $110 million. This achievement is particularly remarkable as it has empowered many individuals who, before CalABLE, couldn't accumulate more than $2,000 or risk losing their SSI benefits. Just five years, they have contributed to over $100 million in assets, showcasing the life-changing impact of CalABLE.
I am continuously inspired by the stories of CalABLE participants who, with the help of this program, are achieving milestones they once thought were beyond reach. From making down payments on their first homes to traveling for the first time, CalABLE is opening doors to a brighter financial future. We've shared many of these stories through our CalABLE ambassadors, real people who generously share their experiences to inspire others. I'm thrilled to announce that we will be introducing the newest class of volunteer CalABLE ambassadors in early 2024.
Looking ahead to 2024, there are exciting developments in store for CalABLE, including an increase in the ABLE contribution limits. Starting in January, you can contribute up to $18,000 per year in your CalABLE account, up from $17,000 in 2023. Additionally, working CalABLE account holders contributing from their earned income and not participating in an employer-based retirement program can make up to an additional $14,580 in ABLE to Work contributions.
The CalABLE team is gearing up for our biggest year ever. We have plans for promotions, educational initiatives, and even some giveaways to better inform and incentivize current and potential account holders. I encourage you to stay tuned for exciting news and events from CalABLE in 2024.
With mixed emotions, I share that I will be leaving my role as Executive Director for CalABLE. I have been nominated and confirmed for a leadership role in the federal government, where I will continue to work on behalf of people with disabilities. This is a significant personal change for me, but I am confident that State Treasurer Fiona Ma, the CalABLE Board, and the entire CalABLE staff will continue to build upon the program’s success.
I want to express my deepest gratitude to all of you for the trust and support you've shown CalABLE (and me) in our first five years. Your input and feedback have been instrumental in shaping this program into all that we hoped it could be. I am excited for what comes next and look forward to witnessing the continued growth and success of CalABLE.
Thank you once again, and here's to a bright future for CalABLE and the individuals it serves.
Warm regards,
Dante Allen
Outgoing Executive Director CalABLE