What is the ABLE Act?
Millions of people with disabilities rely on public benefits and federal programs such as Supplemental Security Income (SSI), Social Security Disability Insurance (SSDI), Medicaid, and others for their living and basic needs, but even those benefits can be limiting. Those receiving much needed benefits, like SSI, are restricted to having only $2,000 in assets, which means they are probably pinching pennies to get by.
The Stephen Beck Jr. Achieving a Better Life Experience Act, known as the ABLE Act, was passed by Congress in 2014 to help people save for the costs of living with a disability and invest for the future in a tax-advantaged investment account without losing their benefits.
