ABLE account

New legislation to expand access to the Achieving a Better Life Experience (ABLE) program has been introduced by U.S. Senator Bob Casey, chairman of the U.S. Senate Special Committee on Aging.

The ABLE Match (Making ABLE A Tool to Combat Hardship) Act would remove some of the financial barriers low-income Americans with disabilities face when enrolling in the ABLE program, which allows people with disabilities to save more than the $2,000 asset limit required in federal assistance programs such as SSI.

Currently, many people with lower incomes are discouraged from opening ABLE accounts because they don’t have sufficient funds. The ABLE Match Act helps people with lower incomes participate by creating a federal dollar-for-dollar match for new and existing ABLE accounts held by individuals that make $28,000 annually or less. The match then tapers off for each dollar a person earns over $28,000.

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