ABLE Accounts Give Disabled More Financial Freedom

People with disabilities, and their families, can save for a variety of expenses in these tax-advantaged accounts.

A woman in a wheelchair hugs her friend as they both smile in an urban park.
(Image credit: Getty Images)

In 2014, federal legislation paved the way for states to offer ABLE accounts—tax-advantaged plans that allow individuals with disabilities to save for ongoing expenses without threatening their eligibility for crucial government support, such as Supplemental Security Income or Social Security Disability Insurance. Previously, people with disabilities had to have less than $2,000 in total assets to maintain their eligibility for such programs, which made it difficult for them to live independently.

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Emma Patch
Staff Writer, Kiplinger's Personal Finance

Emma Patch joined Kiplinger in 2020. She previously interned for Kiplinger's Retirement Report and before that, for a boutique investment firm in New York City. She served as editor-at-large and features editor for Middlebury College's student newspaper, The Campus. She specializes in travel, student debt and a number of other personal finance topics. Born in London, Emma grew up in Connecticut and now lives in Washington, D.C.