After the Stephen Beck Jr. Achieving a Better Life Experience (ABLE) Act was passed by Congress in December of 2014, people with eligible disabilities could finally save for their everyday needs, invest in a tax-free account, and prepare for the future without losing their state or federal benefits. The Oregon ABLE Savings Plan was established by a group of self-advocates, nonprofit organizations, and government agencies. This unique program provides eligible residents and their families the resources, support and holistic services to reach their financial goals.
How does ABLE work?
- In general, money accrued in ABLE accounts will not affect SSI, Medicaid and other federal means-tested benefit programs
- Earnings on ABLE contributions would be tax-free as long the funds are used for qualified expenses
- Up to $100,000 would not be counted as a resource for SSI purposes
To learn more about ABLE click here.