DisabilityScoop reported that Congress is working on legislation that would help people with disabilities put away money and still keep their benefits.
The U.S. Senate Committee on Finance approved updates to the Achieving a Better Life Experience (ABLE) Act. The current ABLE Act, which became law two years ago, allows those with disabilities to establish special accounts in which they can put away up to $100,000 tax-free, without losing their Social Security and government benefits. Currently, ABLE participants can deposit up to $14,000 a year without facing any tax liabilities; the proposed Senate legislation is looking to raise the cap.
Continue reading “Congress Seeks to Help Disabled Save for the Future”
