DISABILITY SCOOP: Congress May Consider Tweaks To ABLE Accounts
Lawmakers continue to tweak ABLE Accounts (accounts that will allow people with disabilities to save up to $100,000 without jepordizing their Social Security and other government benefits). The changes would allow more flexibility to those using the accounts. Some of the proposed changes include:
- Allowing people with disabilities who are employed to allocate extra money to their ABLE accounts
- Expanding eligibility to include people with disabilities that onset by the age of 46 (current requirement is that conditions must exist before the age of 26)
- Allowing families to rollover money they've saved for a person with a disability in a 529 college savings plan to an ABLE account