As a reminder to our readers, President Barack Obama signed into law the Achieving a Better Life Experience or ABLE Act last month, after it quickly moved through Congress. The law allows people with disabilities, many of whom receive Social Security Disability Insurance or Supplemental Security Income (SSI) benefits, to open tax-free savings accounts without the threat of losing benefits.
What is the ABLE Act?
Much like 529 college savings plans, interest earned will be tax-free, allowing those who are disabled to open special accounts where they can save up to $100,000 without risking Social Security eligibility.
The funds can be used to pay for education, health care, transportation, housing and other expenses. According to DisabilityScoop.com, to qualify for an account, people must have a condition that occurred before age 26.
People should be able to open accounts as early as this year.
How Do I Qualify for Social Security Disability Benefits?
If you have questions about Social Security benefits, you should talk to our attorneys. We are excited about this development and expect this to help many disabled individuals.
For more information about the SSDI process, you can visit our Social Security FAQ page. Keep in mind, to qualify for SSDI benefits, a person suffering from a disability has to show that his or her condition will last longer than 12 months and could result in death.
Contact us today if you have questions about a disability application or appeal.
Troutman & Troutman, P.C. – Tulsa Social Security Disability attorneys