McRae Calls on Congress to Pass the ABLE Age Adjustment Act
“Since 2014, thousands of Americans have achieved greater financial stability as a result of ABLE savings accounts, but they do have their limits,” said Treasurer McRae. “That’s why I’m calling on Congress to pass the ABLE Age Adjustment Act, which increases the age of onset from 26 to 46 years old.”
Prior to 2014, Americans with disabilities were extremely limited in how much they were able to save. Just $2,000 in savings could disqualify someone from receiving other necessary support. In December 2014, however, Congress passed the ABLE Act, giving thousands of Mississippi families a path to greater financial stability.
Today, those with disabilities and their families can set up an ABLE account, which allows them to save money without jeopardizing necessary benefits. These are tax-advantaged accounts that can be used to pay for disability-related expenses, including education, housing, transportation, employment training and support, assistive technology, personal support services, healthcare expenses, financial management, administrative services, and more.
“Here is why expanding ABLE is important,” continued McRae. “People with disabilities are twice as likely to live in poverty as their non-disabled counterparts, and barring access to an ABLE account, there are very few paths out of it. By passing this legislation, Congress would put financial stability – and perhaps even financial independence – within the grasp of 6 million more Americans, including 1 million disabled veterans.”
August is ABLE to Save Month. To learn more, visit Treasury.MS.gov/ABLE.