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A Financial Boost for Americans With Disabilities
(By – Alan Auteri)
Saving for future expenses can be challenging, and saving for disability-related expenses adds another piece to the puzzle. Many families with a disabled family member need to save for significant out-of-pocket expenses and build up a decent balance while continuing to qualify for access to government programs such as Social Security Disability Insurance (SSI). Families facing this savings challenge may benefit from a new law enacted in late 2014 – the ABLE (Achieving a Better Life Experience) Act. Designed to work much like a 529 college savings plan, the law allows an ABLE account to be funded on behalf of individuals with a physical or mental disability that occurred before age 26, regardless of their current age. The individual also must meet one of two requirements. Read more…