|
Resource Highlight - ABLE Accounts
ABLE Accounts are savings accounts specifically for some individuals who qualify for Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI); they allow individuals to save money outside of the restrictive resource limits of SSI and SSDI programs. Additionally, individuals who sign up for these accounts in 2024 get $25 in the account for free. This can be an effective way for individuals with disabilities to save tax free and spend on qualified expenses without impacting their qualification for SSI or SSDI.
The ABLE plan is sponsored by the state of Colorado and administered by the same organization that administers the state 529 plans. To be eligible, individuals must have a qualifying disability; typically, one that would entitle someone to Supplemental Security Income (SSI) or Social Security Disability Insurance (SSDI). This qualifying disability must have started prior to the age of 26.
To learn more about the program and enroll, visit this Colorado ABLE information page. Remember, a new ABLE Account opened in 2024 will get $25 dispersed in their account. An eligible individual can open the account for themselves, or an authorized individual can open the account on their behalf. Please share with anyone you know who may be unaware of this benefit.
- - - -
| 
