I've heard this a couple of times on the news this week.
Not finding anything definitive, but some kind of federal thing has passed and now each state has to make up their own rules??
So disabled folks on ssdi or ssi will be able to save more than $2000 without it effecting their benefits etc.
Anyone else have any input on what the downsides are ?
I heard a snippet which I am sure said you'd have to be disabled on or before your 26 birthday to take advantage of this !!!
The ABLE Act allows tax-free contributions of up to $14,000 a year for individuals who became disabled before their 26th birthday.Better information http://www.ndss.org/Advocacy/Legisla...ence-ABLE-Act/ou need not be under the age of 26 to be eligible for an ABLE account. You could be over the age of 26, but must have documentation of disability that indicates age of onset before the age of 26.
If you meet this criteria and are also receiving benefits already under SSI and/or SSDI, you are automatically eligible to establish an ABLE account. If you are not a recipient of SSI and/or SSDI but still meet the age of onset disability requirement, you are still eligible to open an ABLE account upon obtaining a disability certification from your physician.
States that have gone along with it http://www.ndss.org/Advocacy/Legisla...E-State-Bills/