Financial planning doesn’t have to be hard, especially with two programs in Oklahoma designed to help you save and get tax benefits: the OK ABLE Program and the OK 529 College Savings Plan. Here’s a breakdown of how they work and how they can help you build a stronger financial future.

1. The OK ABLE Program: Save Without Losing Benefits

The OK ABLE Program helps people with disabilities save money without losing access to important benefits like SSI and Medicaid. The money you save in an OK ABLE account grows tax-deferred, which means you don’t pay taxes on the earnings while it grows. Even better, if you use the money for disability-related expenses like healthcare, housing, or education, the earnings are tax-free.

• Tax-deferred growth: No taxes on earnings while saving.
• Tax-free withdrawals: If used for qualified expenses.
• State tax deduction: You can deduct up to $20,000 for joint filers or $10,000 for single filers.

The OK ABLE Program helps you save money and keep important benefits while also offering tax breaks.

Learn more: okstable.org

2. The OK 529 College Savings Plan: Save for School with Tax Benefits

The OK 529 College Savings Plan helps families save for education with tax-free growth and state tax deductions on contributions. You can use the money for tuition, books, room and board, and even K-12 education expenses.

• Tax-free growth: The money grows without being taxed.
• State tax deduction: Up to $20,000 for joint filers or $10,000 for single filers.
• Flexible use: Use the funds at eligible schools, including some international schools.

The OK 529 Plan is a great way to save for education and get tax benefits at the same time.

Learn more: Oklahoma529.com

Ready to Get Started?

Both of these programs make it easier to save for the future, whether you’re planning for college or helping a loved one with a disability. With tax advantages and flexibility, the OK ABLE and OK 529 programs can help you save smarter.

Don’t wait—take control of your financial future today!