Author: NC ABLE
“This shouldn’t be the best-kept secret,” Edward Mitchell said when being asked about the importance of telling others about ABLE accounts as an ABLE account holder himself. This is one of the many powerful statements heard during the first in several webinars hosted by the ABLE National Resource Center this month, which has launched its sixth #ABLEtoSave campaign.
NC ABLE is joining the campaign along with many other organizations and agencies in the United States. This month is all about increasing public awareness by educating and providing resources about Achieving a Better Life Experience (ABLE).
Over 5 years ago, people with disabilities had to have less than $2,000 in total assets to maintain eligibility for crucial governmental support for disability income and insurance. In 2014, the ABLE Act was put into law enabling eligible people with disabilities an opportunity to save with no worries of losing federal benefits.
According to the Social Security Administration, on average a person living with a disability has 28% more costs associated with disability expenses than someone without a disability. ABLE accounts are tax-advantaged plans that grow tax-free and are not taxed for withdrawals used for qualified disability expenses. Qualified disability expenses include but are not limited to education, health, housing, transportation, legal and technology costs.
#ABLEtoSave month is an opportunity for eligible people with a disability, alongside their families and friends, to learn why ABLE accounts are significant and how they can help improve their financial well-being combined with gaining more independence. NC ABLE is highlighting webinars, providing informational tools and resources to highlight the value and importance of owning an ABLE account. Visit the NC ABLE events page for more information.
Be sure to follow #ABLEtoSave on Facebook and Twitter by using the social media handle @NCABLEProgram.