Little-Known Program Offers Tax-Free Savings and Investment Accounts For People On Disability
Are you on Disability? If so, here's a resource that might benefit you.
For the past ten years, the Achieving a Better Life Experience (ABLE) Act has allowed eligible people with disabilities to create special tax-free savings/Investment accounts. These accounts let people save for qualified expenses like transportation, healthcare, food, housing, education, retirement and more without putting their disability benefits at risk.
In fact, you can save up to $100,000 in an ABLE account without jeopardizing your SSI Disability, Medicaid, and SNAP benefits among others.
ABLE accounts are available to people in all 50 states and you aren't limited to your own state's ABLE program. You can open an account with any state's ABLE program that allows out-of-state residents, as many do.
At this writing, if you want to open an ABLE account, the symptoms of your disability must have begun before your 26th birthday. You also must either have (a) SSI or SSDI or (b) a doctor who is willing to document that you have "marked and severe" functional limitations. Improvements are coming, however. Starting in January 2026, ABLE accounts will be available to people whose disability began before age 46. This will nearly double the number of people who are eligible to open these accounts.
If you'd like to learn more, the ABLE National Resource Center has many webinar videos about the benefits these accounts provide. You can find them on their YouTube Channel. You can also email the ABLE NRC directly with any questions at info@ablenrc.org. |