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Achieving a Better Life Experience (ABLE) Reaches 10-year Milestone
Yesterday, the ABLE Act marked its 10th anniversary. Officially known as the “Stephen Beck, Jr. Achieving a Better Life Experience (ABLE) Act,” was part of the Tax Increase Prevention Act of 2014 and created the ability for individuals with disabilities to establish tax-free savings accounts to pay for qualified disability-related expenses (including education, housing, and transportation. The ABLE accounts provided a way for disabled folks to realize tax-free savings while retaining eligibility for income-restricted and asset-restricted public benefit programs. Hailed as a pathway for disabled folks to enhance their independence and financial stability, an estimated 187,000 ABLE accounts have been established as of 2024, although research shows that only a sliver of those eligible have taken advantage of the opportunity.
To promote a broader understanding of the benefits of an ABLE account, the Social Security Administration yesterday published a blog post by leaders of the ABLE National Resource Center providing a broad overview of how the accounts work, and including a link to the history of the legislation behind the act. Read the full post here…
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