Sixty-one million adults and over 12.6 million children in the United States have some type of disability.
If you have a disabled or blind child or other family member, or are disabled or blind yourself, you should know about ABLE accounts.
These tax-advantaged accounts for the disabled are relatively new (they first became available in 2015), and they remain little known. This is a shame.
The accounts can be a real game changer for the disabled because they allow disabled individuals to save a fair amount of money without losing government benefits.
Why It’s Hard for the Disabled to Save Money
Many disabled individuals and their families rely on means-tested government benefits, such as Supplement Security Income (SSI), Social Security Disability Insurance (SSDI), food stamps (SNAP), Medicaid, and government housing vouchers. Some 8.5 million people receive disabled-worker benefits from Social Security.
The government benefits are ordinarily suspended if a disabled or blind person accumulates over $2,000 in cash or other countable assets. This ... Log in to view full article.
