This article may be useful if you’re unsure if you qualify for disability assistance from Social Security and want to know more. With the passage of ABLE in 2014, states can now establish tax-advantaged programmes for qualified individuals with disabilities. Disabled individuals can use the money in their 529A ABLE accounts to pay for certain medical and living costs related to their impairment. The Social Security Administration’s $2,000 resource limit can make it difficult for persons with disabilities to apply for benefits that would otherwise aid them. Because of this cap, SSDI (Social Security Disability Insurance) recipients with savings accounts or other liquid assets worth more than $2,000 will have their benefits reduced accordingly.
Individuals with savings of less than $2,000 cannot afford to move into a new home, buy a vehicle, continue their education, or even enrol in exercise programs to improve their disabilities.
People with impairments now have a chance to overcome obstacles and cut costs thanks to government programmes, click here to know more.
People can save up to $15,000 a year without risking their government benefits thanks to the Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act of 2014. Achieving a Better Life Experience (ABLE) is based on 529 plans used to save for higher education. Because it’s a savings or investment account, the interest it earns is exempt from the SSI resource limit.
Here are some limitations of the ABLE Act:
Not more than $15,000 can be added to your account each year.
If the sum in the account exceeds $100,000, the recipient may see their Social Security benefits reduced.
The maximum amount that can ever be held in most accounts is $500,000.
The funds in an ABLE account must be used for specific purposes. To qualify for withdrawals from the account, the money must be spent on things that will increase your autonomy or quality of life.
How about these possibilities:
- Education \stransportation
- Wellness and health
- Assistance on a one-to-one basis
- Helpful gadgets
Assistance with job-seeking skills and training
The Federal Deposit Insurance Corporation (FDIC) backs up the value of your ABLE account savings. The account holder can invest a predetermined percentage of their balance in risky assets. The investor can pick between a low-, medium-, or high-risk investment plan, depending on his or her own preferences.