This post is sponsored by AbleUnited and Bloggin’ Mamas. All opinions are mine.
The Achieving a Better Life Experience (ABLE) Act allows individuals with disabilities and their family and friends to save for future expenses, like popular Roth IRA and 529 college savings plans, while maintaining government benefits.
1. State Residency
The individual with a disability must be a Florida resident at the time of application.
2. Qualifying Disability
The individual with a disability must meet one of the following criteria:
- Entitled to Supplemental Security Income (SSI) benefits;
- Entitled to Social Security Disability Insurance (SSDI) benefits;
- Have a condition listed in the “List of Compassionate Allowances Conditions” maintained by the Social Security Administration;
- Certify that the individual is blind within the meaning of Section 1614(a)(2) of the Social Security Act; OR
- Certify that the individual has a medically determinable physical or mental impairment that results in marked and severe functional limitations and that: (i) can be expected to result in death; or (ii) has lasted, or can be expected to last, for a continuous period of not less than 12 months.
For more information and a list of qualifying disabilities, please see the Social Security Administration Blue Book.
3. Disability Onset
The individual with a disability must be blind or have a disability which occurred before the individual’s 26th birthday.
Opening an Account
Open an account quickly and easily online:
- Takes less than 15 minutes
- No documentation to upload
- Others may open or assist in opening
- Contributions and Withdrawals
Manage the account online:
- Save up to $14,000 per year
- Save with the help of family and friends
- Withdraw funds any time, for any reason
Choose how money is invested:
- Select from portfolios designed to meet the needs of most investors
- Build a custom portfolio from fund options
- Save more with low fees
Monitor how the investment performs:
- View one, three, and five-year returns
- Modify how new contributions are invested at any time
- Transfer funds between options up to two times per year
For more information on ABLE United, go to AbleUnited. or post your question here and I will get it answered.