Continuing the long tradition of bipartisan support, young adults with disabilities may soon get a shot in the arm by way of their wallet. There is chatter on Capitol Hill about new modifications to the three-year-old ABLE (Achieving a Better Life Experience) Act. As the law currently stands people with disabilities are able to earn up to one hundred thousand dollars without forgoing Social Security and other benefits. This new and multifaceted adaptation would allow people with disabilities to not only save an extra $10,000 to $12,000 in annual deposits each year, but will provide them with an increased age range to receive benefits through ABLE as well as allow families to save through rollover benefits from a college 529 savings plan.
Rep. Tony Cardenas, D-Calif., is the sponsor of the updates being pushed through Congress increasing the benefits of ABLE. “This legislation builds on that progress and eases the financial burden that many of these families face,” Cardenas said.
This is the second consecutive year attempting to increase the umbrella of ABLE care, as last year disability advocates wanted all three measures to go into effect simultaneously.
