Millions of people with disabilities may be missing out on this little-known savings tool
Many Americans with disabilities are unaware of a financial resource called an ABLE account that can help them save money. These tax-advantaged accounts allow individuals to save up to $100,000 without losing eligibility for needs-based programs. Experts emphasize the importance of increasing awareness about ABLE accounts to help more people benefit from this savings tool.
- ▪Employment for people with disabilities has been rising in recent years.
- ▪ABLE accounts allow individuals to save up to $100,000 without losing government benefits.
- ▪Only about 2% of employees in the U.S. understand what an ABLE account is.
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Employment has been rising over the past few years for a growing group of Americans — people with disabilities.Yet millions of workers are leaving money on the table, experts say, because they are unaware of a key financial resource designed for people with disabilities known as an Achieving a Better Life Experience, or ABLE, account.These tax-advantaged accounts can be opened by an individual who is disabled or their authorized representative — for example, a parent, legal guardian, or agent named in your power of attorney. A child or adult with disabilities can save up to $100,000 in an ABLE account without losing eligibility for needs-based programs, such as Medicaid or Supplemental Security Income.
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