ABLE Accounts for People with Disabilities

ABLE Accounts

The Achieving a Better Life Experience (ABLE) Act was signed into law in 2014 and allows people with disabilities, and parents of children with disabilities, to open, manage and grow tax-advantaged savings accounts called ABLE accounts. ABLE accounts ease the financial strain faced by people with disabilities, providing an opportunity to enhance their financial wellness, independence and quality of life. Money in ABLE accounts can be used to pay for qualified disability expenses (QDEs), such as education, housing, transportation, purchase of technology, healthcare and more. ABLE accounts allow people with disabilities to save money without losing their eligibility for federal means-tested public benefits such as Medicaid, Supplemental Security Income (SSI), food and housing assistance. However, you do not have to be on benefits to open an ABLE account. To be eligible to open an ABLE account, an individual must have acquired their disability before the age of 26. The account can be opened at any age. Money can be contributed by friends, family and the ABLE account owner. ABLE money can be saved and invested; investment growth is not taxable. The ABLE account contribution limit for 2023 is $17,000; ABLE account owners who work may be allowed to deposit even more into their account. Founded and managed by National Disability Institute, the ABLE National Resource Center (ABLE NRC) is the largest, independent, objective resource of reliable information about ABLE accounts, now offered in more than 46 states and the District of Columbia. ABLE Decision Guides, frequently asked questions and state ABLE program comparison tools, along with podcasts and blogs, are just some of the resources offered by the ABLE NRC. To learn more about ABLE accounts, and to find a state ABLE program, please visit the ABLE National Resource Center website.

Author: FreeConferenceCall

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