Why Do Disabled People Need an Able Account?
Topic: U.S. Social Security
Author: Pavel Kuljuk
Published: 2024/09/30
Publication Type: Informative
Contents: Summary – Introduction – Main Item – Related Topics
Synopsis: This article discusses the ABLE Act of 2014, which allows people with disabilities to save money in special ABLE accounts without losing their eligibility for essential government benefits. Saving in an ABLE account allows people with disabilities to keep benefits if they need them. Up to $100,000 of ABLE funds is not a countable resource for Supplemental Security Income (SSI). Funds invested in an ABLE account grow tax-free and can be used for a broad range of expenses including food, housing, transportation, education, employment, medical expenses and more.
Introduction
The US financial system gives disabled people an unexpected opportunity. But the implementation of this opportunity depends on the personal qualities of each disabled person!
Main Item
People with disabilities need 28% more money than non-disabled people to meet the same needs. (1) However, many disability support programs are terminated if the disabled person has an income above a certain level. (2) As a result, people with disabilities find themselves in a difficult situation. On the one hand, they need more money than non-disabled people. [...]