The ABLE AGE ADJUSTMENT ACT is a new law that becomes effective in January of 2026 and which expands the availability of ABLE accounts to people with disabilities who became disabled between the ages of 26 and 46. ABLE (or as they are known in Georgia) STABLE accounts are tax-advantaged savings accounts that allow people with disabilities to save for qualified disability expenses.
Prior to the passage of the ABLE AGE ADJUSTMENT ACT, only people with disabilities who became disabled before the age of 26 were eligible to open an ABLE account. This meant that millions of people with disabilities were unable to save for their future in a tax-advantaged way.
The ABLE AGE ADJUSTMENT ACT changes that. Now, people with disabilities who became disabled between the ages of 26 and 46 can open an ABLE account and save for qualified disability expenses, such as:
- Education
- Employment training and support
- Housing
- Health and wellness
- Transportation
- Personal support services
- Other qualified expenses
ABLE accounts offer a number of benefits, including:
- Tax-advantaged savings: Contributions to ABLE accounts are tax-deductible, and earnings grow tax-free.
- Protection from creditors: ABLE accounts are protected from creditors, so your money is safe even if you file for bankruptcy.
- Increased financial independence: ABLE accounts can help people with disabilities save for their future and achieve their financial goals.
If you are a person with a disability who became disabled between the ages of 26 and 46, I encourage you to learn more about the ABLE AGE ADJUSTMENT ACT and consider opening an ABLE account. ABLE accounts can be a valuable tool for people with disabilities who are looking to save for their future.
Here are some additional details about the ABLE AGE ADJUSTMENT ACT:
- How do I open an ABLE account?
You can open an ABLE account through a financial institution that offers these accounts. To find a financial institution that offers ABLE accounts, you can visit the ABLE National Resource Center website or contact your state’s ABLE program.
- How much can I save in an ABLE account?
There is no limit on the amount of money you can save in an ABLE account. However, in 2023 you can only contribute up to $17,000 per year (and, if employed, up to $13,590 more) for a wide range of eligible expenses.
- What can I use my ABLE account for?
You can use your ABLE account to save for qualified disability expenses, such as:
* Education
* Employment training and support
* Housing
* Health and wellness
* Transportation
* Personal support services
* Other approved expenses
- What are the benefits of an ABLE account?
There are many benefits to having an ABLE account, including:
* Tax-advantaged savings: Your earnings grow tax-free.
* Protection from creditors: Your ABLE account is protected from creditors, so your money is safe even if you file for bankruptcy.
* Increased financial independence: An ABLE account can help you save for your future and achieve your financial goals.
Conclusion
The ABLE AGE ADJUSTMENT ACT is a significant piece of legislation that will benefit millions of people with disabilities. The bill will make it easier for people with disabilities to save for their future and achieve their financial goals. If you are a person with a disability, I encourage you to learn more about the ABLE AGE ADJUSTMENT ACT and consider opening an ABLE account.
