According to a survey conducted by America Saves, only 40 percent of households are making good or excellent progress in saving, and more than 27 percent report no progress at all.
The numbers are even more dismal for the disability community – the National Disability Institute reports that an estimated 1.9 million households that include an individual with a disability do not have a checking or savings account. Many lack adequate financial education and the necessary tools to grow their savings. Until now, some were not even provided the same opportunities to save as the general population.
Individuals with disabilities who rely on government means-tested assistance programs to meet their needs were previously limited to only $2,000 in assets. This effectively prevented them from planning for the future and force them to live in poverty. But now, this $2,000 asset limit is no longer a barrier.
ABLE United offers individuals with disabilities the opportunity to save up to $14,000 each year, tax-free, without negatively impacting federal benefits.
Some of the benefits of ABLE accounts include:
– Funeral and burial payments
– Doesn’t require attorney
– No monthly cost or cost to open
– Already approved by SSA and Medicaid
But, how does an ABLE account compare to other financial planning tools, such as a special needs trust?
Join ABLE United and special needs attorney Travis Finchum in a discussion of the attributes of both types of accounts, to help you determine the best choice for yourself, your loved one, or the people you serve.
Visit the Webinar link here to register and attend from your home on Thursday October 26 at 12 Pm east coast. Here is a special code you can use to reguster: FFF7
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