Article Date:
January 2021


Word Count:
1597

 

 

ABLE Accounts: A Great Deal for the Disabled and Their Families


Sixty-one million adults and over 12.6 million children in the United States have some type of disability.1

 

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.

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