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可以账户are tax-advantaged savings accounts for people with disabilities. The money saved in ABLE accounts can be spent on qualified disability expenses. Most importantly, having an ABLE account won’t affect the account holder’s eligibility for federal programs such as Medicaid and Supplemental Security Income in most cases. For more information, go to theABLE National Resource Center.
可以账户can be used in a variety of ways. We spoke with three ABLE account holders who also act as who are ABLE NRC ambassadors to learn how ABLE accounts are improving their financial lives.
How an ABLE account helps an artist in Michigan
可以账户allow people with disabilities the opportunity to save and invest without impacting their eligibility for federal programs.
Forty-year-old Sarah Perez is a mixed media and collage artist and photographer in Jackson, Michigan. Her bipolar disorder makes her eligible for an ABLE account. She is using the account to promote her career.
“I was able to save up enough money to buy a laptop and Photoshop so I can do photoshoots for people,” Perez says. “When I make that money, I put it back in my ABLE account. It’s been a real game changer for me.”
Her parents, family, and friends also contribute money to her ABLE account.
“It’s kind of like a GoFundMe but for disability,” Perez says.
The main goal for her ABLE account right now is putting aside some emergency savings.
“I would like to build it up,” Perez says.
She recommends the ABLE account to other people living with disabilities.
“With a disability, a lot of people feel disenfranchised. An ABLE account is a good tool,” Perez says. “I am able to do things that other people are (able to do).”
How an ABLE account helps a software developer and CEO in Minnesota
Chris Peterson, 44, lives in Richfield, Minnesota. He was born blind and is a part-time software developer and part-time chief executive officer atPenny Forward, a nonprofit organization helping blind people navigate the landscape of personal finance.
Peterson has had an ABLE account for about two years and uses the account for investing.
“I am being very aggressive (about) saving money,” Peterson.
他使用的资金投资ABLE account as a bridge for moving to full-time at Penny Forward.
“An ABLE account is a good way to keep those savings because of tax advantages,” Peterson says. “Taking a distribution from an ABLE account is tax-free.”
How ABLE accounts help a family in North Carolina
Cheryl Walfall-Flagg and her son, Sean.
Cheryl Walfall-Flagg’s son and nephew are both on the autism spectrum and have ABLE accounts. They live in Raleigh, North Carolina.
Sean, 20, attends community college, and his ABLE account focuses on savings. His mother makes quarterly contributions to his account. The money may be needed when Sean moves to attend a more expensive four-year college.
Friends and family members are also encouraged to contribute to Sean’s ABLE account.
“I tell family and friends with money for birthdays and graduation, put it in the ABLE account,” Walfall-Flagg says. “I encourage folks to support him in that way.”
The family has a similar stance with 15-year-old Davante’s ABLE account.
“It’s for saving for the future,” Walfall-Flagg says.
Like Sean, Davante doesn’t have any day-to-day medical needs or therapy expenses, so savings take priority with his ABLE account.
“It just makes sense,” Walfall-Flagg says.
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