Congress Agrees on a Tax Bill. What Does Proposed Tax Bill Mean for Older Americans? Learn More.

Reply
Valued Social Butterfly

Re: Disabled receiving SSDI and/or SSI - Check out opening an ABLE Account for your benefit

895 Views
Message 1 of 4

laminx wrote:

How very  "out of touch" you people are. It's almost sad. I am real. I can not "save" money. My biggest concern is trying to avoid becoming homeless. Every day brings a new obstacle to overcome. I am strong but can not fight "money".


There are many people on Disability - both SSDI and SSI.

This Act passed in 2015, was designed to help a select few of them.

It doesn't even have to be their money cause the Act is designed much like 529 plans which people can use to save for a specific person's education.

 

"An individual must meet two requirements to be eligible for an ABLE account: an age requirement and a severity of disability determination. The onset of symptoms of the person’s disability must have occurred before age 26. Additionally, the disabled individual must have “marked and severe functional limitations” (essentially, a Social Security definition of disability). An individual whose disability occurred prior to age 26 and is already receiving SSI and/or SSDI is automatically eligible to establish an ABLE account. Those who are not recipients of SSI and/or SSDI but still meet the age of onset disability requirement will be eligible to open an ABLE account upon obtaining a disability certification from their physician."

 

FAQ - The ABLE Act from the National Downs Syndrome Society

 

 

Report Inappropriate Content
Highlighted
Conversationalist

Re: Disabled receiving SSDI and/or SSI - Check out opening an ABLE Account for your benefit

919 Views
Message 2 of 4

How very  "out of touch" you people are. It's almost sad. I am real. I can not "save" money. My biggest concern is trying to avoid becoming homeless. Every day brings a new obstacle to overcome. I am strong but can not fight "money".

Report Inappropriate Content
Conversationalist

Re: Disabled receiving SSDI and/or SSI - Check out opening an ABLE Account for your benefit

922 Views
Message 3 of 4

SAVE money? Are you kidding??

 

Report Inappropriate Content
Valued Social Butterfly

Disabled receiving SSDI and/or SSI - Check out opening an ABLE Account for your benefit

1,154 Views
Message 4 of 4

USA Today MONEY 02/04/2017 - How A New Savings Account For People With Disabilities Works

 

 From the link -

 

A new type of savings vehicle, known as an ABLE account, is allowing people with disabilities to save more money for the first time. That's because the accounts allow them to save without losing much-needed government benefits, such as Supplemental Security Income monthly payments or Medicaid health care. The accounts are run by states and are similar to 529 college savings plans.

 

the link describes how the program works - 

Report Inappropriate Content